Solaire Resort’s FY23 GGR Hits 97% of Pre-Pandemic Levels

Bloomberry Resorts Corporation, which owns and operates Solaire Resort Entertainment City, has reported consolidated net revenue of Php11.9 billion ($212 million) in Q42023 for the Manila-based integrated destination resort that spreads across an 8.3-hectare site. 

The figure, which marks a 3% year-on-year rise compared to 2022’s fourth quarter, was partially generated with the help of improved non-gaming revenue.

At the same time, Bloomberry also announced that, during FY2023, Solaire’s total gross gaming revenue has made a spectacular comeback at P58.3 billion ($1.04 billion), marking a 16% increase from FY22 while reaching 97% of 2019’s numbers. 

The rise was explained through a mix of mass tables focused on domestic players and Electronic Gaming Machines segments that reached 116% of the pre-COVID figures. 

Highlights of Q4 2023 for Solaire 

The resort, which also features a casino and is located just five minutes away from SM Mall of Asia, also reached a consolidated net income of P1.3 billion ($23.19 million), which represented an 11% increase compared to the P1.1 billion ($19.62 million) income recorded during the same quarter of 2022. 

Solaire also reached a gross gaming revenue of P13.8 billion ($242.21 million), which marks a 6% decrease on a YoY. 

VIP, mass tables, and EGM gross gaming revenue were situated at P4.4 billion ($75.50 million), P4.1 billion ($73.15 million), and P5.4 billion ($96.34 million), showcasing YoY drops of 7%, 8%, and 4%, respectively

The resort scored a consolidated EBITDA of P3.9 billion ($69.58 million), signaling a 0.3% YoY decrease. 

FY23 Highlights 

As for FY23, Solaire recorded a 24% rise in the consolidated net revenue figure to P48.4 billion ($863.55 million) from the P38.9 billion ($694 million) reached in FY22. 

At the same time, the consolidated EBITDA was P19.3 billion ($344.35 million), marking a 35% YoY increase.

The popular resort also recorded a consolidated net income of P9.5 billion ($169.49 million), showing an important 85% spike from P5.1 billion ($90.99 million) in FY22. 

With the help of global visitors and strong domestic support, Solaire’s VIP rolling chip volume registered a 28% rise to P616.4 billion ($10.99 billion), while the mass table drop at P51.2 billion ($913.51 million) marked a 35% rise. 

The slot coin-in reached P356.7 billion ($6.36 billion). The figure represents a 16% YoY increase. 
Bloomberry’s chairman and chief executive officer, Enrique K Razon Jr., expressed his pleasure to report their financial and operating results for last year, “which reflect a resilient Philippine economy amid a challenging global economic landscape.”