written and last updated by
Sam Smith at
07 Nov 2023
Journalist, Editorial Department
Bloomberry, a leading developer and operator of integrated resorts in the Philippines, has reported its financial results for the third quarter of 2023. The company posted a net profit of nearly 1.86 billion Philippine pesos (approximately $3 billion), marking a 19.2% increase compared to the previous year. However, this figure represents a significant decline of 45.9% from the second quarter of 2023.
Consolidated revenue for Bloomberry from July to September 2023 reached 10.74 billion pesos (around $17.7 billion). This is a 6.7% increase year-on-year, but down 14.4% from the second quarter. Gross gaming revenue amounted to nearly 13.32 billion pesos (about $22 billion), which is 0.4% lower than last year and 11.9% less than the previous quarter.
Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at 4.2 billion pesos (approximately $6.9 billion). This represents a 15.1% increase year-on-year, but a decline of 23.1% compared to the second quarter. In mid-October, Morgan Stanley Asia Ltd. indicated that it anticipated the first quarterly drop in EBITDA for Bloomberry since 2022, citing market share loss and payout percentages as contributing factors.
Despite these challenges, Bloomberry remains optimistic, highlighting continued growth across all gaming segments. "Despite the deteriorating economic climate this quarter, domestic demand for gaming remained strong," the operator stated.
Bloomberry manages the Solaire Resort and Casino in the Manila metropolitan area and the Jeju Sun Hotel and Casino on South Korea's Jeju Island. The company is expected to open another casino complex in Quezon City, Philippines, next year.
Enrique Razon, Chairman and CEO of Bloomberry, shared insights about this upcoming project in a press release. He stated that the company aims to capitalize on the strength of the domestic market by launching a second property in the Philippines next year. "Construction is expected to be completed by March 2024. We anticipate that Solaire Resort North will solidify our leading position in the Philippine market," Razon noted. He believes that the new property will also elevate the regional competitiveness of the Philippine gaming industry to new heights.
Meanwhile, the gaming operator Svenska Spel reported nearly 2 billion in revenue for the third quarter.
