Philippine-listed Bloomberry Resorts Corp reported full-year 2023 net profit of just over 9.52 billion pesos, an 85.2% increase from the previous year. The company also said in a filing on Monday that its casino resort project under development in Vertis, Quezon City, is scheduled to open in May this year.

Group net income in 2023 was 48.39 billion pesos, an increase of 24.3% from the previous year. Gross gaming revenue (GGR) increased 16.4% year-on-year to nearly P58.33 billion.

No dividends have been declared in 2023 and 2022.

Group-wide consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached 19.33 billion pesos in 2023, an increase of 35.0% from the previous year.

The company said that in 2023, consolidated gaming revenue and non-gaming revenue will account for 86.1% and 13.1% of total revenue respectively.

Bloomberry controls the Solaire Resort and Casino in Metro Manila.

Bloomberry also operates a casino on the South Korean island of Jeju, but the business is still operating at a loss through 2023.

The casino operator said in a filing last week that it was "open to selling" the Jeju Sun Hotel and Casino in South Korea.

Bloomberry Chairman and CEO Enrique Razon said in a press release accompanying the results that the company's 2023 results reflected "the resilience of the Philippine economy amid challenging global economic conditions."

“We performed well across our mass tabletop gaming, video game console and non-gaming segments, with revenue in these segments significantly exceeding 2019 pre-pandemic levels,” he said.

The CEO added: “We have high hopes for 2024, especially when we open our second integrated resort in the booming metropolis of Quezon City. Construction of Solaire North is nearing completion and we plan to open it this year Opening at the end of May.”

Mr Razon said Solaire Resort North "will significantly enhance" the group's gaming and entertainment portfolio and "solidify" its "position as the leading integrated resort developer and operator in the Philippines".

Morgan Stanley Asia Ltd. said in a recent report that Bloomberry's Quezon Resort is expected to be a "major contributor" to the company's earnings in the second half of this year.

For the Philippines business, full-year 2023 VIP transcoding volume increased 28.0% year-over-year to P616.42 billion. The segment’s revenue was P19.5 billion, up 18.4% from 2022.

Revenues from the mass-market dining table segment grew 8.2% year-on-year to P18.15 billion.

In 2023, slot machine coin volume increased 15.9% year-on-year to 356.71 billion pesos, while revenue increased 22.3% to 20.65 billion pesos.