Solaire Resort and Casino, a prominent gaming enterprise in the Philippines, has declared robust earnings figures for the final quarter and the entirety of 2023, showcasing a consistent rebound since the health crisis. The corporation credited this triumph to the resilient local market in the Philippines. Notably, Solaire Resort and Casino was honored as “Casino Operator of the Year” at the 2023 Asia Pacific Global Gaming Awards.

**October to December 2023 Key Points**

In the concluding quarter of 2023, the firm registered gaming earnings of PHP 13.8 billion (equivalent to roughly US$250 million), signifying a 6% reduction compared to the corresponding period in the previous year. This downturn was witnessed across all gaming categories, encompassing high-roller, general tables, and slot machines. Nevertheless, overall net earnings displayed positive progress, reaching PHP 11.9 billion, a 3% year-over-year rise.

Combined earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a marginal decline of 0.3% year-over-year, totaling PHP 3.9 billion. On an encouraging note, consolidated net profit surged by 11% to hit PHP 1.3 billion.

**January to December 2023 Results**

Solaire’s complete 2023 outcomes demonstrate a sustained recuperation from the effects of the global health situation.

The firm generated PHP 58.3 billion in gaming earnings for the entire year, a substantial 16.3% surge compared to PHP 50.1 billion in 2022. This indicates a recovery to 97% of the pre-pandemic figures observed in 2019, primarily propelled by expansion in the local mass table games and slot machine divisions. These segments have already eclipsed their 2019 performance, achieving an unprecedented PHP 11.6 billion in joint revenue.

Moreover, consolidated net earnings exhibited substantial enhancement, climbing from PHP 38.9 billion in 2022 to PHP 48.4 billion in 2023. Combined EBITDA also displayed robust growth, escalating by 35% to reach PHP 19.3 billion.

In summary, these impressive fiscal outcomes demonstrate a substantial 85% annual increase in combined net earnings, reaching P9.5 billion.

Enrique K. Razon Jr., Bloomberry’s Chairman and CEO, stated, “I am delighted to present our 2023 financial and operational performance, a testament to the strength of the Philippine economy amidst a difficult global environment.”

He added, “Fueled by the strong local market, our consolidated EBITDA and net earnings surged by 35% and 85% year-over-year, respectively. Our gross gaming income from our mass tables, electronic gaming devices, and non-gaming activities performed exceptionally well, with revenues in these areas considerably surpassing pre-pandemic 2019 figures.”

Regarding the future, he remarked, “We are optimistic about 2024, especially with the forthcoming launch of our second integrated resort in the vibrant Quezon City. The development of Solaire Resort North is nearing finalization, and we anticipate opening our doors in late May of this year. Solaire Resort North will be a notable addition to our collection of luxury gaming and entertainment offerings, further cementing our status as the premier integrated resort developer and operator in the Philippines.”

Separately, Macau recently published its February gaming income figures, indicating an uptick compared to February 2023.