A prominent gaming company in the Philippines, Bloomberry Resorts, has reported positive financial outcomes for the final quarter and the entirety of 2023, showcasing a consistent resurgence post-pandemic. This accomplishment is largely credited to the resilient local market within the Philippines. Their achievements garnered them the distinction of “Casino Operator of the Year” at the 2023 Asia Pacific Global Gaming Awards.
Although the last quarter experienced a minor decline in Gross Gaming Revenue (GGR) spanning VIP, mass tables, and slot machines, the corporation still attained a 3% rise in net profits year-over-year, reaching ₱11.9 billion.
Examining the full year, Bloomberry’s comprehensive performance illustrates a sustained recovery from the effects of COVID-19. Aggregate GGR for 2023 hit ₱58.3 billion, a substantial 16.3% surge compared to 2022. This rebound, attaining 97% of pre-pandemic figures observed in 2019, was driven by robust expansion in the domestic mass gaming sector, with both slots and table games surpassing their 2019 results. In total, Bloomberry’s net income for 2023 reached ₱48.4 billion, a considerable leap from the preceding year.
Essentially, Bloomberry experienced a significant 85% jump in combined net earnings year-over-year, hitting P9.5 billion. This notable financial outcome showcases the robustness of the Philippine economy despite global market volatility.
Enrique Razon Jr., Bloomberry’s Chairman and CEO, conveyed his contentment with the company’s 2023 results. He emphasized the substantial local demand that propelled a 35% increase in EBITDA and the remarkable 85% surge in net earnings. Every facet of their operations, from mass gaming tables to electronic gaming devices and even non-gaming activities, has bounced back forcefully, surpassing pre-pandemic figures.
Looking forward, Bloomberry maintains a highly positive outlook for 2024, particularly with the imminent debut of their second integrated resort, Solaire Resort North, in Quezon City. The development is nearing finalization and is scheduled to commence operations in late May. This new establishment is anticipated to strengthen Bloomberry’s standing as a premier integrated resort developer and manager in the Philippines.
Concurrently, Macau also delivered encouraging updates with its February gaming revenue statistics indicating year-over-year expansion.