Net income was down 61 per cent when compared to last year.
The Philippines.- Casino operator Bloomberry has shared its financial results for the second quarter of the year. It reported net income of PHP1.3bn (US$23.4m), down 61 per cent year-on-year and down from the PHP2.6bn (US$45m) reported for the first quarter of the year.
Gross gaming revenue (GGR) was PHP14.5bn (US$261m), down 4 per cent year-on-year. Consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) was PHP3.6bn (US$64.8m), down 33 per cent when compared to the second quarter of 2023.
Non-gaming revenue was PHP2.4bn (US$43.2m), representing an increase of 19 per cent sequentially. Net revenue was PHP12.3bn (US$221.4m), down 3 per cent quarter-on-quarter.
GGR at Solaire Resort was PHP13.3bn (US$239.4m), down 12 per cent year-on-year due to lower VIP rolling chip and mass table drop volumes. The figure was also down 11.2 per cent quarter-on-quarter. Solaire’s VIP rolling chip volume and mass table drop were PHP117.9bn (US$2.12m) and PHP10.2bn (US$183.6m), representing year-on-year declines of 32 and 23 per cent, respectively. The property’s electronic gaming machine segment recorded a 3 per cent year-on-year increase in coin-in.
VIP and mass table GGR was PHP4.7bn (US$84.6m) and PHP4.3bn (US$77.4m), representing year-over-year declines of 21 and 15 per cent, respectively. EGM GGR was PHP5.3bn (US$95.4m), increasing by 2 per cent year-over-year. Non-gaming revenue was PHP2bn (US$36m), up 6 per cent. Net revenue was PHP11bn (US$198m), down 12 per cent.
Jeju Sun, Solaire Korea’s casino, saw a GGR of PHP35.7m (US$642.6m) in the second quarter. Non-gaming revenue was PHP125.5m (US$2.25m), up 45 per cent year-on-year while net revenue was PHP161m (US$2.89m), up 77 per cent compared to the previous year.
For the first half of the year, the company posted GGR of PHP29.2bn (US$525.6m), down 6 per cent year-on-year. Net revenue was PHP24.8bn (US$446.4m), down 3 per cent. Consolidated EBITDA was PHP8.6bn (US$154.8m). It was mainly impacted by the continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire North. Net income was PHP4bn (US$72m), down 38 per cent year-on-year.
Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “In the second quarter and first half of 2024, our resilient mass gaming segment across two properties increased year-over-year despite the very high base set in the first half of 2023. However, continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated EBITDA and net income.”
