MANILA, Philippines — The earnings of Enrique Razon’s Bloomberry Resorts Corp. declined by 11 percent to P2.6 billion in the first quarter amid lower VIP and mass table revenue.
Without the impact of pre-operating expenses associated with Solaire Resort North, Bloomberry’s net income for the quarter would have declined by three percent year-on-year to P2.9 billion.
The company’s consolidated net revenue reached P12.5 billion, down by three percent from P12.9 billion in the same quarter in 2023.
Negatively impacted by lower VIP rolling chip and mass table drop volumes, total gross gaming revenue at Solaire Resort Entertainment City decreased by eight percent to P14.8 billion from P16 billion in the first quarter of 2023. Solaire Korea’s Jeju Sun contributed P15.6 million in gross gaming revenue from January to March.
Bloomberry’s non-gaming revenue, meanwhile, inched up by four percent to P2.2 billion for the three-month period.
“In the first quarter of 2024, Solaire in Entertainment City reported lower VIP and mass table game revenues that resulted in an 11 percent decline in consolidated net income. If net income were adjusted for P279 million of Solaire Resort North pre-operating expenses, net income would have declined by only three percent,” Razon said.
According to Razon, Bloomberry had a strong showing in the heavily domestic slot machines segment where revenue grew by 24 percent year-on-year.
“This strong local demand heightens our anticipation for our second property which will open on May 25. 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,” he said.
Solaire Resort North is a $1 billion venture that will serve as the latest addition to the Solaire brand.
It is Quezon City’s inaugural luxury destination to offer authentic five-star services and amenities.
“It will take at least a year to ramp it up and probably for full ramp up sometime within the second year. So at the end of two years it should be fully ramped up,” Razon earlier said.