Bloomberry Resorts Reports Soaring Q3 2022 Earnings Driven by Solaire’s Success and Tourism Rebound

A prominent Philippine casino operator, Bloomberry Resorts, recently disclosed a thriving third quarter in 2022. Their overall gaming income reached an impressive 2.3 billion US dollars, marking an 89% surge from the corresponding period last year.

This triumph is largely credited to their flagship establishment, Solaire Resort and Casino in the Philippines, alongside the Jeju Sun Hotel and Casino in South Korea. Solaire experienced notable growth across all areas, with high-stakes VIP play, increased activity from casual gamblers, and bustling slot machines.

The corporation attributes this upswing to a robust wave of local tourism and the relaxation of COVID-19 protocols, drawing back both domestic and regional patrons. This has revitalized all their gaming segments, from the exclusive high-roller VIP areas to the more approachable mass-market tables and electronic gaming devices.

This translates to a financial outlook that appears quite positive. Bloomberry’s earnings have climbed significantly, with a remarkable 301% rise in EBITDA (earnings before interest, taxes, depreciation, and amortization) reaching 36 million US dollars. They’ve also shifted from a deficit to a 15 million dollar profit in comparison to the third quarter of the previous year.

Enrique K. Razon Jr., the chairman and CEO, summarized the situation by stating that despite worldwide economic challenges, their operations have practically returned to pre-pandemic levels. This demonstrates the gambling industry’s resilience and the pent-up desire for leisure and entertainment.

In the last quarter, we observed steady expansion, essentially recouping nine months of income. This surge was primarily fueled by our regional consumer gaming ventures, which are currently operating at roughly 95% of pre-crisis levels. This truly underscores the tenacity of local, discretionary expenditures. Additionally, we are witnessing a consistent rebound in our high-roller sector, attributed to the gradual resumption of global travel.”

Razon Jr. continued, “While we are intensely concentrated on Solaire’s resurgence in the Entertainment City, our secondary integrated resort, Solaire Resort North, is progressing favorably as well.”

“We completed the construction phase last July, and we are targeting a grand debut in the final quarter of 2024. We are optimistic that Solaire Resort North will substantially broaden our footprint and market dominance within the continuously expanding domestic gaming sector.”