Saw an 89% annual increase in total game revenue (GGR) in all of PHP's gaming segments
Solaire Resort & Casino experienced multiple growth in slot coin-in (118% annual, about $146 billion), table games, and more specifically table drops (77% annual, PHP 106 billion), and GGR of about $75 million and about $438 billion (about $4808 billion), according to third-quarter financial results released .
Bloomberg Resorts Corporation said, "The growth in all sectors was driven by strong domestic demand, supported by much easier COVID-19 mobility and travel restrictions, both locally and within Asia."
The combined third-quarter EBITDA of PHP 3.6 billion (approximately $63.4 million), including SOLAIR's EBITDA of PHP 3.7 billion, is up 301% annually, somewhat balanced with Jeju Sun's PHP 644 million (approximately $11 million) loss.
It also reported a net loss of 1.1 billion php for the third quarter, reporting a net loss of 1.5 billion php, but down 14% from June 2022.
Enrique Rajon Jr., chairman and CEO of Bloomberry, said. "In the background of the global economy of inflation and rising interest rates, our business has seen game volumes improve further in the third quarter to pre-pandemic levels.
"Continued growth during the quarter boosted sales in the local bulk gaming segment to over 95% in the January-September period of 2019, demonstrating the resilience of local discretionary consumption. The VIP sector has experienced a gradual recovery, benefiting from a gradual improvement in international traffic.
"Work continues undisturbed at our second integrated resort, Solaire Resort North, while we focus on the recovery of Solaire in Entertainment City. We completed the structure in July and will be open by the fourth quarter of next year.
"We believe that when Solaire Resort North opens, we will be able to expand and strengthen our foothold in the fast-growing domestic game market."
The other side of the coin:
Bloomberry's Korean casino, Jeju Sun, closed its gaming corner during the quarter and had no financial reports on GGR, but the casino posted a 10% annual increase in sales in its non-game segment, including tourism, hotel and play-themed projects, to 1.3 million php ($22,250).
At the same time, Manilla-based Solaire saw a 141% annual increase in non-game revenue of $1.8 billion ($308 million) in Pphp, with a hotel occupancy rate of 63.1%, much higher than in the second quarter (53,4%).