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In the third quarter of 2023, Bloomberry Resorts Corp announced a net income attributable to shareholders of approximately 1.86 billion pesos (33.2 million USD), representing a year-on-year growth rate of 19.2%. The quarterly net profit, compared to the second quarter, declined by 45.9%, exceeding 3.43 billion pesos. In the third quarter of 2023, the company's comprehensive group sales were 10.74 billion pesos, showing a 6.7% increase compared to the same period last year. However, it declined by 14.4% when compared to the cumulative sum of the second quarter (approximately 12.54 billion pesos).
Bloomberry Resorts Corp operates the Solaire Resort & Casino located in Entertainment City, Metro Manila. In the third quarter, the group's earnings before interest, taxes, depreciation, and amortization (EBITDA) exceeded 4.2 billion pesos, a 23.1% decrease from the previous quarter but a 15.1% increase from the same period last year. Due to market share loss and win rates, Morgan Stanley Asia Limited predicts that Bloomberry will reveal a continued decline in EBITDA for the third quarter of this year, the first since the first quarter of 2022.
Bloomberry also manages the Sun Hotel and Casino on Jeju Island, South Korea. The group's gross gambling revenue (GGR) in the second quarter of 2022 was slightly higher at 13.37 billion pesos compared to the third quarter's 13.32 billion pesos, representing a 0.4% decrease. Additionally, the comprehensive GGR, which was approximately 15.12 billion pesos before, saw an 11.9% decline in the third quarter of 2023.
An analysis of Bloomberry Resorts' third-quarter results indicates a slight decrease in overall gambling revenue, attributed to changes in mass table hold rates and VIP expenses, despite an overall increase in gambling activity. In the third quarter of 2022, the VIP table revenue from the Philippine subsidiary of the gaming company was slightly below 4.03 billion pesos, a 14.5% decline from the same period last year. Quarterly calculations show a 14.4% decrease in VIP revenue.
The mass table revenue at Solaire decreased by 5.7% in the third quarter of 2023, amounting to 4.13 billion pesos. Sales from mass table games during the quarter decreased by 17.9%. In the third quarter of 2023, Solaire's slot machine revenue slightly exceeded 5.14 billion pesos, marking a 20.2% year-on-year increase. However, slot machine revenue decreased by 4.4% each quarter. According to Bloomberry, despite a more challenging economic environment, domestic gambling demand remained stable throughout the entire quarter. |
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Post time 14-11-2023 07:48:48