Daily TribuneStrong showing in the heavily domestic slot machines segment heightens anticipation for Bloomberry’s second property, Solaire North, to open 25 May. ‘By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share’
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Photo Courtesy of Bloomberry Resorts Corp
Bloomberry Resorts Corp., the gaming company owned by billionaire Enrique K. Razon Jr., is banking on the strong domestic demand for its slot machines segment to turn around the double-digit profit losses it incurred in the first quarter of the year.
Razon, who sits as Chairman and CEO of the company, reported on Tuesday that consolidated net income from January to March experienced an 11 percent decrease to P2.6 billion against the P3 billion earned in the same period last year.
Furthermore, consolidated net revenue also faced a 3 percent decline, falling from P12.9 billion last year to P12.5 billion.
Despite the downtrends during the quarter, Razon said the “strong showing in the heavily domestic slot machines segment” heightens the company’s anticipation for its second property, Solaire North, which will open on 25 May.
Doubling slot machine capacity
“By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share,” Razon said.
From January to March, Solaire’s VIP rolling chip volume and mass table drop were P106.9 billion and P11.1 billion, representing year-over-year declines of 36 percent, and 8 percent, respectively.
The domestic-focused Electronic Gaming Machine (EGM) segment, on the other hand, recorded a 17 percent year-on-year increase in coin-in.
Total gross gaming revenue (GGR) at Solaire was P14.8 billion, representing a decrease of 8 percent from P16.0 billion in the first quarter of 2023.
GGR was negatively impacted by lower VIP rolling chip and mass table drop volumes, which was partly offset by strong growth in EGM coin-in and GGR.
Solaire Korea
Overseas, Solaire Korea’s Jeju Sun recorded gross gaming revenue of P15.6 million in the first quarter, representing an increase of P14.5 million from P1.2 million in the previous quarter.
Consolidated net gaming revenue for the first quarter reached P10.3 billion, up 7 percent from the previous quarter and a decrease of 5% year-over-year.
As of the end of March, Bloomberry had a consolidated cash and cash equivalents balance of P45.9 billion. It has also drawn P26.2 billion from the P40 billion Syndicated Loan Facility, higher by P8 billion from the end of the prior year.
