Philippines-listed Bloomberry Resorts Corp reported net income attributable to shareholders of nearly PHP1.86 billion (US$33.2 million) for the third quarter of 2023, a year-on-year rise of 19.2 percent.

But judged quarter-on-quarter, net income was down 45.9 percent on the second-quarter’s nearly PHP3.43 billion.

Third quarter 2023 group-wide consolidated revenues were PHP10.74 billion, up 6.7 percent year-on-year, but down 14.4 percent sequentially on the second quarter’s just under PHP12.54 billion, according to a Tuesday filing.

Bloomberry operates the Solaire Resort and Casino property (pictured) at Entertainment City in the Metro Manila region.

Group-wide consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at nearly PHP4.20 billion in the three months to September 30, down 23.1 percent from the prior quarter. The figure was up 15.1 percent from a year earlier.

In a note in mid-October, brokerage Morgan Stanley Asia Ltd said it expected Bloomberry to report in the third quarter this year its “first quarterly sequential decline in EBITDA” since 2022.

Morgan Stanley had attributed Bloomberry’s expected quarter-on-quarter EBITDA decline to market share loss and win rates.

(Story being updated)