Solaire Operator Reports Profit Decline in 2024 Amid Higher Expenses

MANILA – Bloomberry Resorts Corp., the operator of Solaire Resort & Casino, reported a drop in its 2024 net income due to higher depreciation, interest expenses, and a one-time tax charge, despite seeing an increase in gross gaming revenue (GGR).

Financial Performance

• Net income fell to ₱2.6 billion, down from ₱9.5 billion in 2023.
• GGR rose 6% to ₱61.7 billion from ₱58.3 billion in the previous year.
• One-time gross receipts tax (GRT) charge of ₱706.3 million linked to a ₱72-billion syndicated refinancing facility impacted profits.
• In Q4 2024, Bloomberry posted a ₱920.2-million net loss, compared to a ₱1.3-billion net income in Q4 2023.

Solaire North’s Contribution

Despite the decline in profits, Bloomberry Chairman & CEO Enrique Razon Jr. highlighted the growth in the mass market segment, driven by the launch of Solaire Resort North in May 2024.

• Solaire North generated ₱8.4 billion in GGR in its first 221 days of operations.
• Non-gaming revenues reached ₱1.9 billion.
• Razon noted that foot traffic and revenues at Solaire North continue to grow, strengthening Bloomberry’s position in the northern Greater Manila Area.

“Solaire North’s world-class offerings give us a distinct advantage over competitors in the Integrated Resort space,” said Razon.

Despite Metro Manila’s challenging operating environment, Bloomberry remains optimistic about its expansion and long-term growth.