Bloomberry Resorts Corp. saw its net income decline 72.6 percent in 2024 on higher depreciation and interest expense related to the opening of a new casino in Quezon City.
Net income in 2024 reached P2.6 billion, down from P9.5 billion in 2023.
Gross gaming revenue (GGR) amounted to P61.7 billion, up 6 percent from P58.3 billion in 2023 mainly due to GGR contributed by Solaire Resort North (SN), which recorded 221 days of operations for the year.
“In 2024 we reported topline growth despite a challenging operating environment in Metro Manila. The newly opened Solaire Resort North contributed to our GGR strength as it vastly expanded our presence in the mass market segment,” Bloomberry chairman and chief executive Enrique Razon Jr. said in a statement.
Razon said aside from recognizing pre-operating, depreciation and interest expenses for Solaire North, Solaire Resorts and Casino in Paranaque Entertainment City also “grappled with VIP and premium mass market weakness,” which contributed to the decline in net income.
GGR at Solaire Resort Entertainment City dropped 9 percent to P53.2 billion from P58.3 billion in 2023.
He said Solaire North registered an increase in daily foot traffic and revenue.
“We believe that our second property’s exceptional world-class offerings are well-suited for the demand environment in the northern portions of the Greater Manila Area and gives us a distinct advantage over the competition within the Integrated Resort space,” Razon said.
Solaire North generated GGR of P8.4 billion.
Bloomberry said the GGR of mass market segment, which includes mass table games and electronic gaming machines, grew 19 percent, outperformed the VIP business.
Non-gaming revenue amounted to P10.7 billion in 2024, up 23 percent from P8.7 billion in 2023.
Bloomberry booked net loss of P920.2 million in the fourth quarter of 2024, a turnaround from the P1.3-billion net income registered in the same quarter of 2023.
Consolidated GGR in the fourth quarter increased 17 percent to P16.2 billion from the same period in the previous year.
