{"id":212,"date":"2024-06-19T03:51:21","date_gmt":"2024-06-19T00:51:21","guid":{"rendered":"https:\/\/mrocasinonodepositbonus.icu\/2024\/06\/19\/bloomberry-reports-11-dip-in-q1-2024-earnings-despite-slot-machine-growth\/"},"modified":"2024-06-20T17:10:06","modified_gmt":"2024-06-20T14:10:06","slug":"bloomberry-reports-11-dip-in-q1-2024-earnings-despite-slot-machine-growth","status":"publish","type":"post","link":"https:\/\/mrocasinonodepositbonus.icu\/2024\/06\/19\/bloomberry-reports-11-dip-in-q1-2024-earnings-despite-slot-machine-growth\/","title":{"rendered":"Bloomberry Reports 11% Dip in Q1 2024 Earnings Despite Slot Machine Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/c9_T8OK_sA0\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>A significant entity in the Philippine casino industry, Bloomberry Resorts, announced an 11% reduction in net earnings for the initial quarter of 2024, reaching 2.6 billion Philippine pesos (equivalent to roughly $44 million). This downturn is attributable to diminished revenue from both high-roller and general-public table gaming.<\/p>\n<p>Bloomberry&#8217;s Chairman and CEO, Enrique Razon Jr., cited the lower VIP and mass-market table game earnings as the principal factor behind the profit contraction. Nevertheless, he emphasized that if the considerable 2.79 billion pesos in pre-launch expenses related to the imminent Solaire Resort North were disregarded, the company&#8217;s net income would only exhibit a 3% decline.<\/p>\n<p>Although table games witnessed a decrease, Bloomberry&#8217;s domestic slot machine activities flourished, registering a 24% year-over-year revenue surge. This upswing in local patronage is anticipated to benefit the brand-new Solaire Resort North, which commenced operations on May 25th. This new establishment intends to strengthen Bloomberry&#8217;s market presence by augmenting its mass-market table game offerings and doubling its slot machine quantity.<\/p>\n<p>Examining the gaming aspect, Solaire encountered a 36% reduction in VIP rolling chip volume, which settled at 106.9 billion pesos. Mass table drop also experienced a decline, falling by 8% to 11.1 billion pesos. Conversely, electronic gaming machine coin-in witnessed a positive uptick, rising by 17%. Overall, Solaire&#8217;s gross gaming revenue underwent an 8% decrease, reaching 140 billion pesos. <\/p>\n<p>Notwithstanding robust gaming income, Bloomberry Resorts Corporation declared \u20b18 billion in total revenue for the initial quarter of 2024, a decline linked to reduced VIP and widespread table game earnings.<\/p>\n<p>The corporation&#8217;s South Korean branch, Jeju Sun Hotel &#038; Casino, witnessed a substantial rise in gaming income, hitting \u20b115.6 million contrasted with \u20b11.2 million in the preceding quarter.<\/p>\n<p>In aggregate, Bloomberry&#8217;s net earnings from gaming activities in the first quarter amounted to \u20b110.3 billion, a 5% year-over-year dip but a 7% surge compared to the prior quarter.<\/p>\n<p>Non-gaming revenue displayed favorable expansion, reaching \u20b12.2 billion, a 4% year-over-year climb. Solaire Resort &#038; Casino in Manila provided \u20b12.1 billion to this, signifying a 2% year-over-year uptick.<\/p>\n<p>Bloomberry&#8217;s combined net income attained \u20b112.5 billion, a 3% year-over-year reduction but a 5% increase compared to the fourth quarter of 2023.<\/p>\n<p>Outlays escalated by 5% year-over-year to \u20b17.6 billion, propelled by elevated wages and general administrative expenditures.<\/p>\n<p>The company&#8217;s earnings before interest, taxes, depreciation, and amortization (EBITDA) hit \u20b14.9 billion, a 14% year-over-year decline. Excluding pre-opening outlays, EBITDA stood at \u20b15.2 billion, indicating a 10% year-over-year decrease.<\/p>\n<p>Earnings per share contracted to \u20b10.231 from \u20b10.276 in the corresponding period last year.<\/p>\n<p>As of March 31, 2024, Bloomberry documented a consolidated cash position of \u20b145.9 billion and overall long-term debt of \u20b1101.1 billion. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A significant entity in the Philippine casino industry, Bloomberry Resorts, announced an 11% reduction in&#8230;<\/p>\n","protected":false},"author":60,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bloomberry Resorts Q1 Profits Dip: What<\/title>\n<meta name=\"description\" content=\"Philippine casino giant Bloomberry Resorts saw profits drop 11% in the first quarter of 2024. 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