Bloomberry, a leading developer and operator of integrated resorts in the Philippines, reported its financial results for the third quarter of 2023. Net income amounted to nearly 1.86 billion Philippine pesos (P3 billion), up 19.2% year-on-year. However, compared to the second quarter of 2023, the figure fell 45.9%.
Bloomberry’s consolidated revenue from July to September 2023 amounted to 10.74 billion pesos (RUR 17.7 billion). The result is 6.7% higher than last year, but 14.4% lower than the second quarter. Gross revenue from gambling businessIn mid-October, brokerage Morgan Stanley Asia Ltd said it expected Bloomberry’s first quarterly EBITDA decline since 2022. The reasons cited were loss of market share and win percentage.
Bloomberry is in a positive mood, noting continued volume growth in all gaming segments. Despite the deteriorating economic climate in the quarter, domestic demand for games remained strong, the operator said.
Bloomberry operates the Solaire Resort and Casino properties in the agglomeration of the Philippine capital Manila and the Jeju Sun Hotel and Casino on South Korea’s East IslandThe construction should be completed by March 2024. We expect Solaire Resort North to strengthen our leading position in the Philippine market, said Razon. He said the new facility will also elevate the regional competitiveness of the Philippine gaming industry to new heights.
Meanwhile, gambling operator Svenska Spel’s revenue reached nearly 2 billion in the third quarter.