Bloomberry Resorts Corporation, an organization managing casinos and resorts across the Philippines and South Korea, reported robust financial results for the second quarter of 2022. Their profits amounted to 1.8 billion Philippine pesos, equivalent to roughly 32.5 million US dollars. This signifies a substantial 112% surge in comparison to the corresponding period the previous year. The corporation attributes this triumph to the relaxation of COVID-19 protocols, resulting in a rapid increase in gaming income, particularly at their primary establishment, Solaire Resort & Casino in Manila. Solaire witnessed a 131% leap in gaming income, reaching a total of 13.1 billion Philippine pesos. Every gaming category, encompassing VIP, mass tables, and slot machines, underwent considerable expansion. Conversely, their Jeju Sun Hotel & Casino in South Korea stayed non-operational throughout this timeframe due to continuing pandemic limitations. Enrique Razon Jr., Bloomberry’s Chairman and CEO, conveyed confidence regarding the company’s resurgence, emphasizing the favorable outcomes throughout their Philippine enterprises.
The Philippine mass market is experiencing a robust resurgence. Bloomberry, a prominent entity in the region’s gambling sector, is witnessing revenue rebound to levels nearing those before the pandemic. This surge in local consumption has propelled substantial increases in both earnings before interest, taxes, depreciation, and amortization (EBITDA) and net profits for the firm.
Bloomberry’s recent fiscal report for the initial six months of 2022 presents an optimistic outlook. Their gross gaming income witnessed a staggering 76% surge compared to the corresponding period last year, reaching 20 billion Philippine pesos. EBITDA experienced even more remarkable expansion, skyrocketing by 174% to hit 6.7 billion Philippine pesos. Most notably, perhaps, Bloomberry posted a net gain of 2.5 billion Philippine pesos, a stark difference from the 1.9 billion peso deficit they encountered in the first half of 2021.
This robust showing is particularly noteworthy when juxtaposed with companies such as MGM China, which heavily depends on the Macau market. MGM China recently disclosed a 54% year-over-year drop in revenue for the second quarter of 2022, a direct consequence of Macau’s stringent travel and entry limitations implemented to curb COVID-19. Their revenue tumbled from $311 million to $143 million.
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