Philippines-listed Bloomberry Resorts Corp reported consolidated net income of just under PHP1.34 billion (US$23.7 million) for the three months to June 30, down 49.1 percent sequentially on the first quarter’s PHP2.63 billion, and down 61.1 percent year-on-year.

The information was in a Wednesday filing to the Philippine Stock Exchange. The company runs Solaire Resort & Casino (pictured) in the Philippine capital Manila, and in May – within the second quarter – opened Solaire Resort North, another gaming complex in Quezon City, northeast of Manila.

Bloomberry’s second-quarter consolidated earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at just under PHP3.64 billion, down 26.2 percent sequentially, and 33.4-percent lower than a year earlier.

Enrique Razon, Bloomberry’s chairman and chief executive, was quoted saying in a press release issued with the latest results: “In the second quarter and first half of 2024, our mass gaming revenues across two properties increased year-over-year despite the very high base set in the first half of 2023.”

Though he added: “Continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated EBITDA and net income.”

The group’s current assets decreased by 32.6 percent to PHP29.52 billion as of June 30, “mainly due to lower levels of cash and cash equivalents”.

Those declines were “related to the completion” of a “settlement agreement”, stated the company.

Bloomberry had previously said it completed on April 30 a settlement agreement with casino management company Global Gaming Asset Management LLC (GGAM), requiring a unit of the group to purchase all the Bloomberry shares held by GGAM for a total of US$300 million.

Mr Razon said in his second-quarter 2024 commentary he was nonetheless “pleased to report” that Solaire Resort North “recorded positive EBITDA of PHP250 million in its first 37 days of operations”.

He added: “We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp of Solaire in Entertainment City over 11 years ago.

“As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters.”

In a separate announcement on Wednesday, the group said it was establishing an “annual dividend policy”.

Solaire Resort North generated mass table drop of PHP2.25 billion in its just over one month of contribution to the second quarter. Slots there produced coin-in of nearly PHP10.38 billion .

Total gross gaming revenue (GGR) from the Philippines gaming business – measured against when it was a single-property operator in the market – was PHP14.44 billion, down 4.5 percent from a year ago, and down 2.1 percent quarter-on-quarter.

VIP rolling chip volume and mass table drop in the Philippines were nearly PHP117.85 billion and just under PHP12.49 billion respectively in the second quarter, representing year-on-year declines of 31.7 percent and 6.0 percent.

On a sequential basis, VIP rolling chip volume and mass table drop were up 10.2 percent and 12.2 percent respectively from the first quarter.

The Philippine operation’s electronic gaming machine segment recorded a 14.4-percent year-on-year increase for coin-in, at PHP102.94 billion. Measured quarter-on-quarter, it was up 5.2 percent.