The resort developer and operator, Bloomberry Resorts, released its unaudited financial results for the six months and three months ended June 30, 2022.
Bloomberry Resorts Enjoys Strong First Half, Q2, 2022
The company reported a strong first half of 2022 with double-digit growth. This result was further complemented by triple-digit growth in gross gaming revenue (GGR) for the second quarter of this year. Overall, Bloomberry’s consolidated GGR for the first half of 2022 was PHP22.0 billion ($396.5 million), up 76% when compared to the PHP12.6 billion ($227.1 million) reported for the same period in 2021.
Consolidated net revenue for the period hit PHP17.2 billion ($310 million). This marked another 68% increase when compared to the PHP10.3 billion ($185.7 million) in consolidated net revenue reported for the same period the prior year. Not unexpectedly, for the first six months this year, consolidated EBITDA grew by 174% to PHP6.7 billion ($120.8 million). Bloomberry’s consolidated net profit for the first six months this year hit PHP2.5 billion ($45.1 million). In contrast, for the same period last year, the company reported a net loss of PHP1.9 billion ($34.2 million).
“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations.“
Enrique K. Razon Jr., CEO and chairman at Bloomberry Resorts
Bloomberry’s chairman and CEO, Enrique K. Razon Jr., outlined that the company has seen a strong recovery in its Philippine operations. He added: “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.” Razon Jr. pointed out that Bloomberry expects further recovery if there are no new COVID restrictions and travel increases. In conclusion, he revealed that operating its Solaire property and offering supreme service will be the main focus of the company.
Lifting of COVID-Related Restrictions Boosted the Company’s Operations
A further breakdown provided by Bloomberry outlines the financial results for the second quarter of 2022. The company acknowledged that its operations within Metro Manila for the second quarter this year “remained under the lowest alert level—General Community Quarantine (GCQ) Alert Level 1.”
Without any doubt, the fewer COVID-related restrictions helped boost the company’s operations and resulted in a total GGR of PHP13.1 billion ($236.1 million) for the second quarter. When compared to Q2, 2021, when total GGR halted at PHP5.7 billion ($102.8 million), this result marked a strong 113% increase. What’s more, Bloomberry pointed out that the GGR for Solaire increased by 47% when compared to the first quarter this year.
In Q2 this year, the consolidated net revenue hit PHP10.0 billion ($180.3 million). This result marked once again a strong year-over-year growth of 112%. Similarly, consolidated EBITDA for the period soared. For the three months ended June 30 this year, consolidated EBITDA hit PHP3.9 billion ($70.3 million), up 277% when compared to the PHP1.0 billion ($18 million) reported for the same period last year.
Another increase was observed in the consolidated net profit for Bloomberry’s operations during the second quarter. According to a breakdown released by the company, the consolidated net profit in Q2 increased by 164% to PHP1.8 billion ($32.5 million) when compared to last year.