Bloomberry Resorts Corporation reported gross gaming revenue of Php8.0 billion (US$153 million) in the three months to 31 December 2021, representing a 50% year-on-year increase and 13% sequential improvement thanks to a broad easing of COVID-19 restrictions.
The improvement was led by the mass market gaming segment, with mass table GGR at Bloomberry’s Manila integrated resort, Solaire, up 63% year-on-year and 19% month-on-month to Php3.2 billion (US$61 million) and EGM GGR by 32% and 42% respectively to Php3.1 billion (US$59 million). Non-gaming revenue was also 30% higher year-on-year at Php992 million (US$19 million).
VIP GGR fell 17% sequentially to Php1.7 billion (US$33 million) due to leading junket operators, including Suncity Group, closing their VIP Clubs following a crackdown by authorities in Macau.
Consolidated EBITDA in 4Q21 was Php1.9 billion (US$36 million), significantly higher than the Php129.3 million (US$2.5 million) in consolidated EBITDA recorded in the same period in 2020.
For FY21, total GGR at Solaire grew 22% over 2020 to Php27.6 billion (US$529 million), again led by mass table GGR – up 54% to Php11.3 billion (US$217 million), and EGM GGR which grew 32% to Php9.5 billion (US$182 million). VIP GGR declined 16% to Php6.7 billion (US$128 million), while non-gaming revenue fell 10% to Php3.3 billion (US$63 million).
Consolidated EBITDA was 265% higher year-on-year at Php5.2 billion (US$100 million), with Solaire’s Php5.6 billion (US$107 million) EBITDA contribution offset by a Php357.6 million (US$7 million) EBITDA loss at Jeju Sun in Korea. Jeju Sun was closed throughout the year and contributed no gaming revenue.
“The year 2021 demonstrated the resilience of our business amidst a pandemic characterized by a slowly recovering economy and the absence of tourism,” said Bloomberry Chairman and CEO, Enrique K. Razon Jr.
“Compared to 2020, it was a better year for Bloomberry as it was propped up by the domestic patronage which grew our mass gaming revenues by 43% and EBITDA by 265%. While we look forward to better days ahead, we remain equipped to operate under challenging circumstances if they materialize.
“Even as COVID-19 restrictions are eased around the world, Bloomberry will continue to uphold its market-leading health standards for the safety of both guests and team members.”
Bloomberry reported a consolidated net loss of Php4.2 billion (US$80 million) in 2021, narrowed from a net loss of Php8.3 billion (US$159 million) in 2020. Net loss in the fourth quarter was Php1.3 billion (US$25 million) compared to net loss of Php2.5 billion (US$48 million) in 4Q20.
A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.
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