GAMING resort operator Bloomberry Resorts Corp. on Tuesday reported that net income dropped 11 percent to P2.6 billion in the first quarter, from P3 billion a year earlier, due to lower revenues.

Bloomberry, which operates Solaire Resort Entertainment City (Solaire) and Jeju Sun Hotel and Casino (Jeju Sun), saw consolidated revenues dip 3 percent year-on-year to P12.5 billion.

Excluding P279.5 million in pre-operating expenses related to Solaire Resort North, earnings would have decreased by only 3 percent to P2.9 billion.

In a statement, Bloomberry Chairman and CEO Enrique Razon Jr. attributed the first-quarter results to lower VIP and mass table game revenues at Solaire.

Solaire's gross gaming revenues (GGR) were said to have declined 8 percent to P14.8 billion in the three-month period from the P16 billion recorded in 2023.

Razon, however, said that the heavily domestic slot machines segment showed improvement, with revenues growing by 24 percent year on year.

"This strong local demand heightens our anticipation for our second property, which will open on May 25," he added.

"By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share."

For Solaire Korea's Jeju Sun, GGR stood at P15.6 million in the first quarter of the year, 13 times higher than the preceding quarter's P1.2 million.

The company's total non-gaming revenues, meanwhile, edged up 4 percent to P2.2 billion from the P2.1 billion generated in the same quarter last year.

As of end-March 2024, consolidated cash and cash equivalents reached P45.9 billion, while the total outstanding long-term debt stood at P101.1 billion.

On Tuesday, Bloomberry's share price closed 3.05 percent lower at P9.87 each.