Listen To Article
Philippines-listed operator Bloomberry has announced its second quarter and first-half 2024 unaudited results.
Bloomberry’s gross gaming revenue (GGR) for Q2 2024 amounted to PHP14.5bn (US$250m), a 4% decrease from PHP15.1bn in Q2 2023.
Consolidated EBITDA was PHP3.6bn, down 33% compared to PHP5.5bn year-on-year. Lower EBITDA at Solaire Resort Entertainment City, which was down 23% year-on-year at PHP4.4bn, plus the impact of Solaire North’s pre-operating expenses were the main causes.
For its H1 2024 results, consolidated GGR was PHP29.2bn, a 6% decrease compared to 2023.
Consolidated net revenue was PHP24.8bn, representing a 3% decrease against PHP25.6bn last year. Consolidated EBITDA was PHP8.6bn, compared with PHP11.2bn in previous year.
Continued weakness in the VIP segment attributed to the decline, which was partially offset by the 3% and 6% increase of mass table and Electronic Gaming Machine (EGM) revenues across Solaire Resort Entertainment City and Solaire North.
Solaire North, however, reported EBITDA of PHP250.1mn in its first 37 operating days. Solaire Korea’s Jeju Sun also recorded an increase, with a Q2 GGR of PHP35.7m, representing an increase of PHP31.0m from last year’s PHP4.7m.
Non-gaming revenue was PHP2.4bn for the quarter, representing a 19% increase from PHP2.0bn in the same quarter last year. In the first half of 2024, non-gaming revenue was PHP4.6bn, higher by 11% year-on-year.
Bloomberry also announced its plans for annual distributions of cash dividends.
Bloomberry owned Solaire Resort Entertainment City, Solaire North and Solaire Korea’s Jeju Sun.
