Bloomberry to Open Solaire Resort North in May 2024, Unveils FY 2023 Results to Report $170m in Net Income

Home » Bloomberry to Open Solaire Resort North in May 2024, Unveils FY 2023 Results to Report $170m in Net Income

Following the $1 billion development, the Solaire Resort North integrated resort will open its doors to visitors by the end of May 2024. Run by the leading Philippine resort operator Bloomberry Resorts Corporation, the luxurious casino and hotel resort located in Quezon City north of Manila is expected to further enhance the operator’s 2023 financial results revealed earlier today as well.

Quezon Resort to Launch in May 2024:

As Inside Asian Gaming (IAG) reports, the announcement made by the Chairman and CEO of Bloomberry Resorts Corp, Enrique K Razon Jr puts a halt to speculations about the resort’s launch. Solaire Resort North will reportedly include 526 rooms and suites, as well as 13,150 m2 of gaming space with 220 gaming tables and 3,000 slot machines. The resort will be fully packed with leisure, entertainment, and recreational facilities to drive Bloomberry’s expectations and projections from the announcement.

Strong 2023 Financial Results:

The CEO reportedly unveiled the company’s full-year 2023 financial results and said that Bloomberry generated US$170 million in net income in 2023 to see an 85 percent increased income level when compared to the prior year. These figures seem to promise an exciting year for the operator of Solaire Resort North.

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Razon reportedly said: “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.’’

The Chairman reportedly also expects that the resort ‘’will massively enhance [the company’s] luxury gaming and entertainment portfolio and solidify [their] standing as the leading integrated resort developer and operator in the Philippines.”

2023 Results Supporting Resort Development:

The company’s FY2023 financial results testify about the above expectations and projections being based on a solid ground. As reported by GGRAsia, the company generated the overall net revenues of $860 million in 2023 to experience an increase of 24.3 % over the prior year. The figure is reportedly derived from the gross gaming revenue level reached in 2023. As reported, the company increased its gross gaming revenues to $1.04 billion in 2023, the level 16.4 % higher than the one reached in 2022. Such a revenue level propelled the group’s EBITDA 35 percent up from the previous year to reach $340 million, according to GGRAsia.

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$170 million in Net Income:

The FY2023 results including the $170 million net income figure seemingly support Bloomberry’s optimism about the 2024 prospects. As GGRAsia reports,  Morgan Stanley Asia Ltd has recently stated that the announced Quezon resort launch is expected ”to be a major contributor” to the company’s earnings as the year rolls out.

Such contributions will be added to the recently growing Bloomberry’s operating indicators in the Philippines.

An 18% Revenue Increase Seen in 2023 Boosting Operator’s Portfolio:

In 2023, the company’s VIP gaming handle reportedly increased 28 percent on a year-on-year basis to hit the $10.99 billion level and bring the revenue of $350 million to the company. As reported, the 2023 revenue level represents an 18.4 % increase over the preceding year. Mass-market table segment reportedly followed the trend with $320 million, or 8.2% increase in revenue over 2022. Finally, slot machine segment handled $6.36 billion to bring the revenue of $370 million and testify about a 22.3 % growth from the 2022 level.

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Therefore the operator and analyst expect that the trend will continue once the Solaire Resort North is launched in May 2024.

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