Bloomberry Resorts Posts Strong 2023 Results Fueled by Robust Philippine Market
The Philippines-based gaming company, Bloomberry Resorts, recently released its earnings report for the final quarter and the entirety of 2023, demonstrating a consistent and stable rebound since the global health crisis. The corporation credits this achievement to the robust local market within the Philippines. This commendable performance played a part in Bloomberry Resorts receiving the title of “Casino Operator of the Year” at the 2023 Asia Pacific Global Gaming Awards.
**Key Points from the Fourth Quarter of 2023**
Although gross gaming revenue (GGR) for the fourth quarter of 2023 saw a minor decrease of 6% compared to the previous year, reaching PHP 13.8 billion (USD 250 million), the company witnessed a 3% increase in consolidated net income, hitting PHP 11.9 billion in comparison to the same period the prior year. This suggests a prioritization of profitability despite slight variations in revenue.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) remained relatively consistent, experiencing a marginal decline of 0.3% year-on-year to PHP 3.9 billion. On a positive note, consolidated net profit exhibited a substantial surge, growing by 11% to PHP 1.3 billion.
**Overall Performance in 2023**
Bloomberry’s financial results for the full year of 2023 depict a narrative of resilience and expansion. Total GGR for the year reached PHP 58.3 billion, a significant rise of 16.3% compared to PHP 50.1 billion in 2022. This figure represents a near-complete recovery of 97% to pre-pandemic levels observed in 2019, largely driven by the robust performance of the domestic mass gaming segment, encompassing both table games and slot machines. This segment has not only recovered but surpassed 2019 levels, reaching 116% of its previous peak.
The company’s consolidated net income also mirrored this upward trajectory, increasing from PHP 38.9 billion in 2022 to PHP 48.4 billion in 2023. Additionally, consolidated EBITDA experienced substantial growth of 35%, reaching PHP 19.3 billion.
Essentially, Bloomberry, a firm primarily based in the Philippines, declared outstanding fiscal outcomes. Their combined net earnings surged by a remarkable 85% contrasted with the corresponding timeframe last year, hitting a substantial 9.5 billion Philippine pesos.
Enrique Razon Jr., the corporation’s Chairman and CEO, was noticeably enthusiastic as he proclaimed their 2023 financial and operational accomplishments. He emphasized the strength of the Philippine economic landscape, particularly amidst a demanding worldwide situation.
The robust showing was driven by a vigorous local market. Their modified EBITDA and net earnings witnessed substantial leaps of 35% and 85% respectively year-over-year. Their principal offerings, encompassing mass gaming tables, electronic gaming devices, and non-gaming activities, all surpassed pre-pandemic income figures from 2019.
Looking forward, Bloomberry is incredibly bullish about 2024. Their enthusiasm is spurred by the approaching launch of their second integrated resort in Quezon City, a vibrant metropolitan area in the Philippines. The development of this new undertaking, Solaire Resort North, is in its closing phases, with a grand debut slated for late May of this year. This new property promises to enhance their upscale gaming and leisure offerings, further cementing their standing as a premier integrated resort creator and manager in the Philippines.
Concurrently, Macau also just disclosed its gaming figures for February, indicating positive expansion compared to February 2023.