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Philippines’ Bloomberry Resorts & Hotels has purchased 1,940,000 shares worth around PHP2m ($35,392) from its parent company Bloomberry Resorts Corporation.
The acquired shares would be presented as a reward to Solaire’s loyal patrons and also as part of Solaire’s marketing program.
The above action was likely related to Bloomberry’s plans for annual distributions of cash dividends, which was announced during the release of its H1 and Q2 2024 revenue report.
While the overall revenue for Bloomberry reported a decrease, Solaire North and Solaire Korea’s Jeju Sun reported positive results. Solaire North recorded an EBITDA of PHP250.1m in its first 37 operating days while Solaire Korea’s Jeju Sun Q2 revenue of PHP35.7m reported an increase of PHP31.0m from last year’s PHP4.7m.
Another segment that saw an increase was the company’s non-gaming revenue, with a 19% increase year-on-year.
Solaire North’s debut was a grand event that saw the attendance of Philippines’ President, Quezon City’s Mayor and PAGCOR’s Chairman.
While the Philippines’ gaming and gambling sector saw some big changes this year, particularly the nationwide POGO ban, Philippines’ gross gaming revenue for Q2 2024 remained positive, with total revenue amounting to PHP89.23bn, as reported by PAGCOR.
This was 32.3% higher year-on-year and a 9.21% increase compared to this year’s Q1 revenue of PHP81.70bn.
