Philippines-listed Bloomberry Resorts Corp reported consolidated net income of just $1.34 billion ($23.7 million) in the three months to June 30, down 49.1% sequentially from $2.63 billion in the first quarter and down 61.1% year-over-year.
The information was in a filing with the Philippine Stock Exchange on Wednesday. The company operates Solare Resort & Casino in the Philippine capital of Manila, opening another gaming complex, Solare Resort North, in the city of Quezon, northeast of Manila, in May within two quarters.
Bloomsbury’s consolidated pre-interest, tax, depreciation and amortisation profit (EBITDA) in the second quarter was just under 3.64 billion pounds, down 26.2% sequentially and down 33.4% year-over-year.
Enrique Rajon, Chairman and CEO of Bloombury, was quoted as saying in a press release alongside the latest results: “In the second quarter and first half of 2024, despite the very high foundations set for the first half of 2023, bulk gaming revenue for both properties increased year-over-year.”
However, he added, “Continued weakness in the VIP segment, as well as the pre-operating and operating costs of Solaire Resort North, resulted in lower consolidated EBITDA and net income.”
As of June 30, the group’s current assets fell 32.6% to PHP 29.52 billion, “mainly due to low cash and cash equivalents levels.” 파워볼사이트
The reduction is related to the completion of the “payment agreement,” the company said.
Bloomberry previously said it had completed a settlement agreement with casino management company Global Gaming Asset Management LLC (GGAM) on April 30, requiring a unit of the group to purchase Bloomberry shares held by GGAM for a total of $300 million.
Nonetheless, in a Q2 2024 commentary, Mr Rajon said Solaire Resorts North had “a PHP of $250 million positive EBITDA during the first 37 days of operation.”
“We’re in the early stages of property growth and we’re particularly pleased with the pace compared to Entertainment City’s Soler ramp 11 years ago.
“As sales of our second property increase, we expect additional synergies and positive operational leverage to contribute to the group’s profitability in the coming quarters.”
In a separate announcement on Wednesday, the group said it was establishing an “annual dividend policy.”
Soler Resort North posted $2.25 billion in bulk sales just over a month after contributing in the second quarter. Its slots produced $10.38 billion in coin-ins.
Total gaming revenue (GGR) in the Philippine gaming business was down 4.5% from a year ago to a PHP of 14.44 billion compared to when it was a single real estate operator in the market, down 2.1% quarter-on-quarter.