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Bloomberry Resorts Corp., the operator of Solaire Resorts and Casino, said it recorded an attributable income of P2.49 billion in the first half, a reversal of last year’s P1.93-billion loss, according to a report by BusinessMirror.
Gross revenues grew 70 percent to P17.49 billion from last year’s P10.25 billion, as gamblers were allowed to enter its facilities after the government imposed the lowest alert level in Metro Manila for the most part of the period.
“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income,” said Enrique K. Razon Jr., the company’s chairman and CEO.
“Absent the emergence of new Covid-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security.”
For the second quarter alone, the company had an income of P1.8 billion, a reversal of last year’s P1.15 billion-loss. Revenues reached P10.22 billion, more than double last year’s P4.76 billion.
Total gross gaming revenues (GGR) at Solaire for the period reached P13.1 billion, more than double the P5.7 billion recorded a year ago.
Most of the gaming revenues came from VIP tables with a volume of 117,311, more than three times higher than last year’s 35,492. The VIP volume represents rolling chips.
Volumes from the mass table drop tripled while those from slot machines more than doubled during the period.
Solaire Korea’s Jeju Sun’s gambling operations at the property have been suspended since March 21, 2020.
The company reported consolidated non-gaming revenue of P1.7 billion for the quarter, representing an increase of 163 percent from the P657 million generated last year, due to the reopening of its restaurants.
Hotel occupancy was 53.4 percent, still higher compared to 24.1 percent in the previous quarter and 14.9 percent in the second quarter of last year.
Non-gaming revenue at Solaire in the first half reached P2.7 billion, representing an increase of 74 percent year-over-year, the company said.
At Solaire Korea, non-gaming revenue for the second quarter amounted to P1.2 million, representing an increase of 6 percent from last year.
Second quarter consolidated cash operating expenses reached P6.2 billion, higher by 74 percent from last year’s P3.5 billion on higher gaming taxes and cost of sales consistent with the improved level of business activity at Solaire.
As of end-June, Bloomberry had consolidated cash and cash equivalents balance of P36.8 billion. Total outstanding long-term debt was at P88.1 billion, which represents the balance of the current and non-current portions of the amended P73.5 billion and P40-billion syndicated loan facilities. The increase in cash level and debt is due to the drawing of the remaining P13.5 billion from the additional facility in the second quarter.