Bloomsbury Q1 Earnings Drop On Game Revenue Decline

Philippine-listed Bloomberg Resorts Corp reported consolidated net income of 2.6 billion PHPs ($45 million) in the first quarter of this year, down 13.3% year-over-year.

However, quarter-over-quarter net income doubled from PHP 1.3 billion in the fourth quarter of 2023.

Data on Tuesday showed group-wide consolidated net income of 12.5 billion PHPs in the first quarter of 2024, down about 3.0% from a year earlier, but up 5.0% sequentially.

Bloomberry operates a Solare Resort and Casino property in Entertainment City in the Metro Manila area. The company also operates the Jeju Sun Hotel & Casino in Jeju, Korea.

The casino company confirmed in a recent filing that Solaire Resort North, a new casino complex in the Philippine city of Quezon, is scheduled to open on May 25.

For the three months to March 31, group-wide consolidated profit (EBITDA) before interest, taxation, depreciation and amortization fell 14.0% year-over-year to 4.9 billion PHP. The figure represented a 25.6% increase from the previous quarter.

“Except for 279.5 million pre-operating expenses PHPs related to Solaire Resorts North, EBITDA and net income would have been only 10% and 3% lower year-over-year to 5.2 billion PHPs and 2.9 billion PHPs, respectively,” Bloomberg said in a filing on Tuesday.

Soleer’s VIP rolling chip volume and volume table decline were PHP 106.9 billion and P11.1 billion in the first quarter of 2024, down 36.4% and 7.9%, respectively, from a year earlier.

The property’s electronic gaming console segment grew 16.6% year-over-year to nearly PHP 97.9 billion.

Sequentially, VIP rolling chip volumes and mass table drops were down about 18.0% and 7.0%, respectively, while slot coin-ins were up 7.0%.

Soler’s total gaming revenue (GGR) was just 14.8 billion PHP, down 8.1% from a year ago, but up 6.9% quarter over quarter.

In prepared remarks accompanying the results, Bloomberg’s Chairman and CEO Enrique Rajon said: “In the first quarter of 2024, Entertainment City’s Soler reported an 11% decline in consolidated net income due to a decline in VIP and bulk table game sales.”

He said: “We saw strong performance in the domestic slot machines segment, where sales increased 24% year over year. This strong local demand raised our expectations for a second property to open on May 25.”

The CEO added, “By increasing our bulk table offering and effectively doubling slot machine capacity, Soler Resorts North will place Bloomberry in the best position to gain market share.”

The company describes Solaire Resort North as a billion-dollar plan covering 1.5 hectares (3.7 acres) with 526 rooms and suites.

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