Bloomberry Resorts Corporation is announcing a robust second quarter for 2022, with profits reaching PHP1.8 billion (approximately US$32.5 million). This marks a substantial 112% rise compared to the corresponding period the previous year. Overall income also witnessed a considerable leap, hitting PHP10 billion.
The corporation’s earnings before interest, taxes, depreciation, and amortization (EBITDA) underwent a massive increase of 277%, reaching PHP3.9 billion. This translated into a profit of PHP1.8 billion, a significant turnaround from the net loss of PHP1.2 billion documented in the second quarter of the preceding year. By June 30, 2022, the company’s cash and cash equivalents holdings had expanded to PHP36.8 billion.
Bloomberry’s subsidiary companies manage Solaire Resort & Casino and Jeju Sun Hotel & Casino.
Solaire Resort & Casino’s gross gaming income amounted to PHP13.1 billion, a notable 131% surge from the second quarter of 2021. This expansion was driven by the relaxation of COVID-19 associated limitations throughout the quarter, further reinforcing the resurgence of gaming income.
Examining the details, Solaire’s gross gaming income for the quarter stood at PHP4.4 billion from VIP tables, PHP4.1 billion from mass gaming tables, and PHP4.6 billion from electronic gaming devices. These numbers represent considerable increases of 281%, 45%, and 175% correspondingly compared to the identical period last year. Bloomberry ascribes the year-over-year growth across all sectors to heightened gaming activity.
Concurrently, Jeju Sun Hotel in South Korea, also under Bloomberry’s ownership, declared zero gaming income as the establishment has remained non-operational since March 21, 2020.
Enrique K. Razon Jr., Bloomberry Resorts Corporation’s Chairman and CEO, conveyed a positive outlook, remarking, “Our second quarter outcomes demonstrate the continuing rebound of all our business divisions in the Philippines.”
The robust resurgence of the Philippines’ large-scale gambling sector has driven earnings nearly back to pre-COVID levels, with substantial increases in both EBITDA and profits.
A key participant in the Filipino gaming landscape, Bloomberry, unveiled its financial figures for the initial six months of 2022, highlighting a 76% year-over-year jump in gross gaming income, reaching PHP 20 billion. Their earnings before interest, taxes, depreciation, and amortization (EBITDA) witnessed an even more remarkable surge of 174%, hitting PHP 6.7 billion. This resulted in a net gain of PHP 2.5 billion, a sharp reversal from the PHP 1.9 billion net deficit encountered during the corresponding period in 2021.
Bloomberry’s results stand in stark opposition to entities like MGM China, which functions in Macau. MGM China announced a 54% year-over-year drop in its second-quarter 2022 income owing to the strict travel and entry limitations enforced by the Macau administration in reaction to COVID-19 surges.
Bloomberry maintains a positive outlook for the future. As regional travel and tourism rebound in the upcoming months, they perceive further potential for expansion, assuming new COVID-19 strains do not hinder the recuperation. They are dedicated to upholding the highest benchmarks of customer service and health protocols at their flagship Solaire Resort & Casino to reinforce their dominant market position.