The net loss was a result of lower EBITDA and higher depreciation and amortisation and interest expense associated with Solaire North.
The Philippines.- Casino operator Bloomberry has shared its financial results for the third quarter of the year. It reported a net loss of PHP470.2m (US$8m), compared with a PHP1.95bn profit a year earlier and a profit of PHP1.3bn (US$23.4m) in the second quarter of the year.
The net loss was a result of lower EBITDA and higher depreciation and amortisation and interest expense associated with Solaire North. Consolidated EBITDA was PHP4.06bn (US$69m), down 3.44 per cent when compared to the third quarter of 2023 but up 11.5 per cent sequentially.
Gross gaming revenue (GGR) was PHP16.3bn (US$278m), up 22 per cent year-on-year, driven by Solaire Resort North’s first full quarter of operations. Non-gaming revenue was PHP2.7bn (US$45.9m), an increase of 22 per cent in year-on-year terms. Net revenue was PHP13.67bn (US$232.5m), down 27.2 per cent year-on-year.
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GGR at Solaire Resort was PHP12.6bn (US$214.3m), down 5 per cent year-on-year due to lower volumes in the VIP, mass tables and EGM segments. Solaire’s VIP rolling chip volume and mass table drop were PHP109.8bn (US$1.87bn) and PHP10.5bn (US$178.6m), representing year-on-year declines of 25 and 24 per cent, respectively. The property’s electronic gaming machine segment recorded a 7 per cent year-on-year decrease in coin-in.
VIP GGR was PHP3.6bn (US$61.2m), down 10 per cent year-on-year, while mass table GGR was PHP4.5bn (US$76.5m), up 9 per cent. EGM GGR was PHP4.5bn (US$76.5m), down 13 per cent year-over-year. Non-gaming revenue was PHP1.9bn (US$32.3m), down 11 per cent. Net revenue was PHP10.2bn (US$173.6m), down 5 per cent. The venue generated EBITDA of PHP3.6bn (US$61.2m), down 18 per cent in year-on-year terms.
Solaire Resort North posted GGR of PHP3.7bn (US$63m). Non-gaming revenue was PHP714.6m (US$12.1m). VIP rolling chip volume was PHP2.2bn (US$37.4m) while mass table drop was PHP6.4bn (US$108.8m). EGM coin-in was PHP30.2bn (US$513.6m). The venue generated EBITDA of PHP660m (US$11m).
Jeju Sun saw a GGR loss of PHP8m (US$0.14m). Non-gaming revenue was PHP21.9m (US$0.37m), up 21 per cent year-on-year while net revenue was PHP114m (US$1.9m), down 2 per cent.
For the first nine months of the year, the company posted GGR of PHP45.5bn (US$775m), up 2 per cent year-on-year. Net revenue was PHP38.5bn (US$654.7m), up 6 per cent. Consolidated EBITDA was PHP12.6bn (US$215m), down 18 per cent in year-on-year terms.
Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “As we started to record higher depreciation costs and interest expenses related to the commencement of Solaire Resort North’s operations, we reported a net loss in the July to September quarter of 2024.
