Local Demand led Bloomberry to 89% yearly GGR growth in 3Q22

During the past 3 months until September 30th, 2022, Bloomberry Resorts Corporation’s, a leading developer of tourist facilities, casino entertainment, hotel and amusement-themed projects, gross gaming revenue (GGR) increased by 89% yearly and 2% sequentially, aka Php 13,4 billion (229,4 million dollars), across all its gaming sections at Solaire Resort & Casino, Manilla-based part of the company, thanks to local players.

Strong local demand:

According to Q3 financial results that came on Tuesday, November 8th, 2022, Solaire Resort & Casino experienced certain growth in several sections such as slot coin-in (up to 118% yearly, aka Php 85,1 billion, which is approximately 1,46 billion dollars), table games, more specifically table drop (77% yearly, aka Php 10,6 billion, which is approximately 75,0 million dollars and GGR up to 61%, aka Php 4,38 billion, which is approximately 75,0 million dollars), brand’s revenue (81%, aka Php 4,28 billion, which is approximately 73,3 million dollars) and VIP rolling chip volume (23% to Php 132,8 billion, which is approximately 2,28 billion dollars and GGR up to 136%, aka Php 4,72 billion, which is approximately 80,9 million dollars). However, Bloomberry announced that slot coin-in, table drop and VIP rolling chip volume increased sequentially by 10%, 14% and 13% each.

Bloomberry Resorts Corporation, said: “Growth across all segments was driven by strong domestic demand supported by much easier COVID-19 mobility and travel restrictions both locally and within the Asian region.”

Combined EBITDA in 3Q22 is raised by 301% yearly, aka Php 3,6 billion (61,7 million dollars) including Solaire’s EBITDA of Php 3,7 billion, which is approximately 63,4 million dollars, and is somewhat counterbalanced by Jeju Sun loss of Php 64,4 million (1,1 million dollars).

Also, the company announced a combined net income of Php 1,5 billion (25,7 million dollars), covering a net loss of Php 1,1 billion (18,8 million dollars) in 3Q21. However, the combined net income was 14% lower than in June 2022.

Enrique Razon Jr., Bloomberry’s Chairman and Chief Executive Officer, said: “Against a global economic backdrop of rising inflation and interest rates, our business saw third quarter gaming volumes further improve toward pre-pandemic levels.

“Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95% of January to September 2019 values, demonstrating the resilience of local discretionary consumption. Our VIP segment experienced progressive recovery as it benefited from gradually improving international traffic.

“While we remain focused on the recovery of Solaire in Entertainment City, work continues unimpeded on our second integrated resort, Solaire Resort North. We topped-off the structure last July and we remain on schedule to open by the fourth quarter of next year.

“We believe that once opened, Solaire Resort North will be able to expand and strengthen our foothold in this burgeoning domestic gaming market.”

Other side of the coin:

Jeju Sun, Bloomberry’s South Korea-based casino, closed its gaming sections during this quarter and because of that there was no financial reports of GGR. However, casino reported a 10% yearly growth in non-gaming revenue such as tourist facilities, hotel and amusement-themed projects, of Php 1,3 million (22,250 dollars).

At the same time, Manilla-based Solaire reported a 141% yearly growth in non-gaming revenues of Php 1,8 billion (30,8 million dollars), with just hotel residency at 63,1% – a lot more than in Q2 (53,4%).