Bloomberry Resorts Reports Strong Q2 2022 Results Driven by Philippine Recovery

The Corporation, Bloomberry Resorts, declared a robust fiscal Q2 2022 performance, achieving a net income of P1.8 billion (equivalent to roughly US$32.5 million). This upward trajectory was propelled by a 112% surge in net revenue, which ascended to P10 billion in comparison to the corresponding period of the preceding year.

The enterprise witnessed its earnings before interest, taxes, depreciation, and amortization (EBITDA) soar by an exceptional 277% to P3.9 billion. Moreover, Bloomberry transitioned to a net profit of P1.8 billion, a substantial turnaround from the P1.2 billion deficit registered in the second quarter of the prior year. As of June 30, 2022, the corporation’s cash and cash equivalents remained at a robust P36.8 billion.

Bloomberry’s principal assets, encompassing the Solaire Resort & Casino and Jeju Sun Hotel & Casino, are managed and held through its subsidiary entities.

Solaire Resort & Casino distinguished itself as a top earner, generating a gross gaming revenue of P13.1 billion. This signifies a noteworthy 131% rise compared to the second quarter of 2021. The relaxation of COVID-19 limitations throughout the quarter assumed a crucial role in propelling this expansion, culminating in a vigorous resurgence in gaming operations.

Dissecting Solaire’s gaming revenue unveils commendable performance across all sectors. The VIP segment yielded P4.4 billion, mass tables contributed P4.1 billion, and electronic gaming machines generated P4.6 billion. These statistics represent substantial year-over-year increments of 281%, 45%, and 175% correspondingly. Bloomberry ascribed this growth to a surge in gaming volume across all sectors.

Conversely, Jeju Sun Hotel & Casino, situated in Jeju, South Korea, remained non-operational during this timeframe, resulting in zero gaming revenue. The hotel has been temporarily non-operational since March 21, 2020.

Enrique K. Razon Jr., Bloomberry’s Chairman and CEO, conveyed optimism regarding the company’s recuperation, remarking, “Our second quarter outcomes mirror the sustained resurgence of our business in the Philippines.”

Bloomberry has experienced a significant resurgence in the Philippines, with its gaming establishments nearing pre-COVID profitability. This surge in local patronage has significantly bolstered their financial performance, with both EBITDA and net earnings demonstrating robust expansion.”

“They are surpassing rivals such as MGM China, which continues to grapple with the effects of travel limitations in Macau. MGM’s turnover experienced a substantial decline in the recent quarter compared to the previous year.”

“During the initial six months of 2022, Bloomberry announced a 76% year-over-year rise in gaming income, reaching PHP 20 billion. Their profitability has also witnessed a remarkable recovery, recording PHP 2.5 billion in net earnings compared to a considerable deficit during the corresponding period last year.”

“Bloomberry’s chief executive expresses confidence in the future, indicating that they perceive additional opportunities for expansion as regional travel recovers. They are dedicated to upholding exceptional service and security benchmarks at their flagship Solaire Resort & Casino to reinforce their dominant market standing.”