Bloomberry Resorts Emerges Victorious: 2023 Net Profit Surges by 85%

4 months ago 0 257

Bloomberry Resorts, the premier casino operator, clinched the prestigious title of “Casino Operator of the Year” during the Global Gaming Awards Asia-Pacific 2023.

Bloomberry Resorts

A Year of Progress and Resilience

As the curtains closed on the final quarter of 2023, Bloomberry Resorts witnessed a slight dip in its total gross gaming revenue (GGR), amounting to PHP13.8 billion (US$0.25 billion). Despite this marginal decline of 6% year-on-year, the company experienced a promising surge in consolidated net revenue, reaching PHP11.9 billion, reflecting a notable uptick of 3% compared to the corresponding period in the preceding year.

Financial Highlights

Although the consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) experienced a negligible decrease of 0.3% year-on-year, settling at PHP3.9 billion, the consolidated net profit displayed robust growth, soaring by 11% to PHP1.3 billion. These figures underscore Bloomberry’s resilience and adaptability amidst evolving market dynamics, showcasing its ability to thrive even in challenging times.

Steady Recovery Amidst the Pandemic

The comprehensive overview of Bloomberry’s performance throughout 2023 paints a picture of steady recovery and commendable progress, despite the lingering shadows of the COVID-19 pandemic. The total GGR for the year amounted to PHP58.3 billion, marking an impressive surge of 16.3% from the previous year’s figure of PHP50.1 billion.

Remarkable Achievement in GGR

This resurgence in GGR signifies a remarkable achievement, with the total GGR now standing at 97% of the pre-pandemic level recorded in 2019. Notably, the domestic mass table games and Electronic Gaming Machines (EGM) segments emerged as the driving forces behind this resurgence, collectively surpassing the 2019 levels by a significant margin, reaching 116%.

Financial Growth and Operational Performance

The upward trajectory continued, with consolidated net revenue witnessing a substantial increase from PHP38.9 billion in 2022 to PHP48.4 billion in 2023. Concurrently, consolidated EBITDA experienced remarkable growth, surging by 35% to reach PHP19.3 billion. These figures underscore the robust operational performance and strategic prowess of Bloomberry Resorts, showcasing its ability to capitalize on emerging opportunities and navigate challenges effectively.

Leadership Perspective

Commenting on the impressive financial and operational results for 2023, Mr. Enrique K. Razon Jr., the Chairman and CEO of Bloomberry, expressed his satisfaction and optimism. He attributed the company’s success to the resilience of the Philippine economy amidst a challenging global landscape, highlighting the significant growth in annual EBITDA and net profit.

Future Endeavors

Looking ahead to 2024, Mr. Razon expressed high hopes, particularly with the imminent opening of Bloomberry’s second integrated resort in Quezon City. The construction of Solaire Resort North is nearing completion, with plans for a grand launch in late May of the same year. Mr. Razon emphasized that Solaire Resort North would significantly enhance Bloomberry’s luxury gaming and entertainment portfolio, further solidifying its position as a leading integrated resort developer and operator in the Philippines.

FAQs- Your Guide Towards Bloomberry Resorts Achievements

1. What is Bloomberry Resorts?

Bloomberry Resorts is a premier casino operator known for its luxury gaming and entertainment offerings.

2. What award did Bloomberry Resorts win in 2023?

Bloomberry Resorts clinched the prestigious title of “Casino Operator of the Year” at the Global Gaming Awards Asia-Pacific 2023.

3. How did Bloomberry Resorts perform financially in 2023?

Despite a slight dip in total gross gaming revenue (GGR), Bloomberry Resorts saw a notable surge in consolidated net revenue and consolidated net profit.

4. What were the key financial figures for Bloomberry Resorts in 2023?

Total GGR amounted to PHP58.3 billion, with consolidated net revenue reaching PHP48.4 billion and consolidated net profit soaring to PHP1.3 billion.

5. What factors contributed to Bloomberry Resorts’ financial performance in 2023?

The domestic mass table games and Electronic Gaming Machines (EGM) segments played a significant role in driving the company’s revenue growth.

6. How did Bloomberry Resorts’ financial performance compare to pre-pandemic levels?

The total GGR reached 97% of the pre-pandemic level recorded in 2019, with certain segments surpassing 2019 levels by a considerable margin.

7. Who is Mr. Enrique K. Razon Jr. and what role does he play in Bloomberry Resorts?

Mr. Enrique K. Razon Jr. is the Chairman and CEO of Bloomberry Resorts, providing leadership and strategic direction to the company.

8. What were Mr. Razon’s comments on Bloomberry Resorts’ performance in 2023?

Mr. Razon expressed satisfaction and optimism regarding the company’s financial and operational results, attributing the success to the resilience of the Philippine economy.