Philippine-listed Bloomberry Resorts Corp's consolidated net profit fell 13.3% year-over-year to about 2.6 billion PHP ($45 million) in the first quarter of this year.

However, net income from the previous quarter doubled from a PHP of $1.3 billion in the fourth quarter of 2023.

The group's overall consolidated net income in the first quarter of 2024 was 12.5 billion PHP, down about 3.0% from a year earlier, but up 5.0% from the previous quarter, according to data filed on Tuesday.

Bloomberry operates Soler Resort and Casino Realty (pictured) in Entertainment City in the Metro Manila area. It also operates Jeju Sun Hotel & Casino in Jeju, Korea.

In a recent filing, the casino company confirmed that Soler Resort North, a new casino complex in Quezon City, Philippines, is scheduled to open on May 25.

Net income before interest, taxation, depreciation and amortisation (EBITDA) for the group as a whole came in at 4.9 billion PHP in the three months to March 31, down 14.0% from a year earlier. The figure represents a 25.6% quarter-over-quarter increase.

"Other than the impact of PHP $279.5 million in pre-operating costs related to Solaire Resort North, EBITDA and net income would have been just $5.2 billion and $2.9 billion, down 10% and 3% year-over-year, respectively," Bloomberry said in a Tuesday filing.

Soler's VIP rolling chip volumes and volume table declines in the first quarter of 2024 were PHP $106.9 billion and P11.1 billion, respectively, down 36.4% and 7.9% year-over-year.

The property's electronic game console segment rose 16.6% year-over-year to 97.9 billion PHP.

Sequentially, VIP rolling chip volumes and bulk table declines were down about 18.0% and 7.0%, respectively, while slot coin-ins were up 7.0%.

Solair's gross gaming revenue (GGR) was less than 14.8 billion PHP, down 8.1% from a year ago, but was up 6.9% quarter-over-quarter.

Enrique Rajon, Chairman and Chief Executive Officer of Bloombury, said in prepared remarks following the results: "In the first quarter of 2024, Entertainment City's Soler reported an 11% decline in consolidated net income due to lower VIP and bulk table game sales."

He said: "We performed strongly in the domestic slot machines segment, where sales grew 24% year-over-year. This strong local demand raised expectations for a second property, which will open on May 25." 바카라사이트 추천

The CEO added: "By increasing the volume of table products and effectively doubling slot machine capacity, Soleir Resorts North will put Bloomberry in the best position to gain market share."