Bloomberry opens Quezon City casino in May

MANILA, Philippines — Integrated casino resorts operator Bloomberry Resorts Corp. is poised to open its Quezon City casino in May, boosting the company’s hopes for a sustained growth this year following a strong performance in 2023.

Bloomberry chairman and CEO Enrique Razon said construction is almost complete for Solaire Resort North, making the new casino ready to be launched in late May this year.

“We have high hopes for 2024, especially as we open our second integrated resort in the thriving metropolis of Quezon City. The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year. Solaire Resort North will massively enhance our luxury gaming and entertainment portfolio and solidify our standing as the leading integrated resort developer and operator in the Philippines,” Razon said.

Bloomberry, whose subsidiaries own and operate Solaire Resort Entertainment City in Parañaque and Jeju Sun Hotel & Casino in Korea, reported a net profit of P9.5 billion last year, an 85 percent surge year-on-year driven by a robust mass market.

After removing the impact of a P201.7-million one-time net gain from the disposition of assets in 2023, Bloomberry said consolidated net income would have increased by 81percent.

Fourth quarter net income stood at P1.3 billion, up 11 percent year-on-year.

Full year net revenue climbed by 24 percent to P48.4 billion from P38.9 billion in the previous year.

The company’s financial and operating results for 2023, “reflect a resilient Philippine economy amid a challenging global economic landscape,” Razon said.

“Driven by a strong domestic market, our annual EBITDA and net profit grew by 35 percent and 85 percent year-over-year, respectively,” he also said.

Mass table games, electronic gaming machines and non-gaming segments performed strongly as revenues in these areas breached 2019 pre-pandemic levels by a significant margin, the company also reported.

Solaire’s VIP rolling chip volume, mass table drop and slot coin-in saw double digit growth as all segments benefited from strong domestic demand and further improvements in international visitation.

Gross gaming revenue at Solaire went up by 16 percent to P58.3 billion, while Jeju Sun recorded gross gaming revenue of P31 million. Gaming revenue in 2023 was a reversal from a loss of P8.5 million covering the Oct. 3 to Dec. 31, 2022 period.

Bloomberry’s non-gaming revenues, meanwhile, rose by 30 percent to P8.7 billion for 2023 from the P6.7 billion generated in the previous year.

At Solaire, non-gaming revenue for the year was P8.3 billion, representing an increase of 25 percent from 2022 while at Solaire Korea, non-gaming revenue in 2023 increased to P357.3 million from P48.7 million in 2022.