Solaire North adds $147m to Bloomberry’s GGR, Entertainment City down 9%
Bloomberry Resorts Corporation, whose subsidiaries own and operate Solaire Resort Entertainment City (SEC), Solaire Resort North (SN), and Jeju Sun Hotel & Casino (Jeju Sun), has reported its audited consolidated financial results for the year ended 31 December 2024. The company saw a 6 percent year-on-year increase in gross gaming revenue (GGR) to Php61.7 billion (US$1.08 billion), driven by the opening of Solaire Resort North in May. However, its flagship property, Solaire Resort Entertainment City, faced declines amid a challenging Philippine gaming market.
Solaire Resort Entertainment City GGR drops 9%
Solaire Resort Entertainment City recorded a 9 percent decline in GGR to Php53.2 billion (US$930 million). The downturn was mainly due to a 22 percent drop in VIP GGR to Php19.5 billion (US$341 million), as VIP rolling chip volume decreased by 29 percent.
Mass gaming also weakened, with mass table GGR falling 3 percent to Php18.2 billion (US$318 million), impacted by a 20 percent decline in mass table drop. Meanwhile, electronic gaming machines (EGM) GGR slipped 1 percent to Php20.4 billion (US$357 million).
Property EBITDA at Solaire Resort Entertainment City was down 17 percent year-on-year to Php17.2 billion (US$301 million), reflecting the weaker gaming performance and a decline in hotel occupancy from 80.3 percent to 67.6 percent.
Solaire Resort North adds Php8.4b in GGR
The newly opened Solaire Resort North in Quezon City contributed Php8.4 billion (US$147 million) in GGR in 2024, operating for 221 days. Most of its revenue came from the mass market, with mass table GGR at Php3.7 billion (US$64.7 million) and EGM GGR at Php4.5 billion (US$78.7 million).
VIP gaming at Solaire North remained limited, generating just Php253.3 million (US$4.4 million) in VIP GGR. The property posted an EBITDA of Php1.3 billion (US$22.7 million) and hotel occupancy of 56.4 percent in Q4 2024.
Q4 performance
In the fourth quarter, to Php16.2 billion (US$283 million), thanks to the addition of Solaire Resort North. Consolidated EBITDA in Q4 rose 1 percent year-on-year to Php4.0 billion (US$69.9 million).
Despite this, the company reported a net loss of Php920 million (US$16.1 million) in Q4, due to pre-operating, depreciation, and interest expenses related to the new resort. Meanwhile, Solaire Resort Entertainment City’s GGR fell by 9 percent year-on-year in Q4, continuing its downward trend.
CEO’s comment
Bloomberry’s Chairman and CEO, Enrique Razon Jr., said, “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. Our consolidated mass gaming revenue increased by 19 percent, significantly outperforming the VIP segment and pushing consolidated GGR growth to 6 percent. However, our EBITDA and profit for the year were lower as we recognised pre-operating, depreciation, and interest expenses for Solaire North while Solaire in Entertainment City grappled with VIP and premium mass market weakness.
“Solaire North continues to gain traction 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.”
