The Market Monitor Minding the Nation's Business
Bloomberry Resorts Corporation, whose subsidiaries own and operate Solaire Resort and Casino (Solaire) and Jeju Sun Hotel and Casino (Jeju Sun), reported audited consolidated financial results for the year ended December 31, 2022.
Enrique K. Razon Jr., Bloomberry Chairman and CEO, said, “2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments. Our gaming revenues hit 84% of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM segments where revenues have already reached 100% of 2019 pre-pandemic levels. Last year we firmly returned to profitability as net income reached P5.1 billion, a turnaround from losses recorded in the year prior.”
“While we celebrate our success in 2022, we keep our eyes on the future as we ramp-up construction activity at Solaire Resort North in Quezon City. We are excited to launch this new offering by the first quarter of 2024.”
“These developments are encouraging as we mark Solaire’s 10th year of operations this March. We look forward to delivering even better results in 2023 and to reaching more milestones in the years to come.”
Throughout the year, Solaire’s gaming segments operated at capacities consistent with guidelines set forth by PAGCOR and the IATF.
In 2022, total GGR at Solaire was P50.1 billion, representing an increase of 81% from P27.6 billion in 2021.
Total GGR has recovered to 84% of the 2019 level, propelled mainly by the largely domestic mass table games and EGM segments.
Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were P481.7 billion, P38.0 billion, and P307.9 billion, representing year-over-year increases of 96%, 54%, and 91%, respectively. All segments benefited from strong domestic demand which was supplemented by improved international visitation in the second half of the year.
VIP, mass table, and EGM GGR were P16.5 billion, P16.8 billion, and P16.9 billion, representing year-over-year growth of 144%, 48%, and 77%, respectively. Of note are the GGR performances of the mass tables and EGM segments which have each reached 100% of pre-pandemic levels.