Bloomberry suffers P8.3-B loss in 2020 but sees recovery in 2021

Published March 8, 2021, 3:40 PM

by James A. Loyola

Bloomberry Resorts Corporation, owner of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported an audited consolidated net loss of P8.3 billion for 2020 compared to net profit of P9.9 billion in 2019.

In a disclosure to the Philippine Stock Exchange, the firm said its 2020 results were “severely impacted by the COVID-19 outbreak which resulted in the temporary suspension of Solaire’s casino operations between March 16, 2020 to June 15, 2020.”

Bloomberry Resorts Corporation (BRC) logo (c)

Since mid-June, Solaire has been operating at limited capacity across its gaming, hotel, food and beverage, and retail businesses and has only been catering to long-stay hotel guests and select invitees.

Jeju Sun in South Korea has been closed since March 21, 2020.

In 2020, total gross gaming revenues (GGR) at Solaire was P22.6 billion, representing a decrease of 62 percent from P59.8 billion in 2019.

Solaire’s VIP, mass table, and electronic gaming machines (EGM) GGR in 2020 were P8.0 billion, P7.3 billion, and P7.2 billion, representing year-over-year declines of 69 percent, 56 percent, and 57 percent, respectively.

In the fourth quarter, total GGR at Solaire was P5.3 billion, representing a decrease of 63 percent from P14.5 billion in the same quarter of the prior year.

However, GGR recorded a 22 percent improvement from P4.4 billion in the third quarter as domestic patron confidence improved and quarantine restrictions were mildly eased in October. 

Jeju Sun reported gaming revenue of P93.1 million in the first 81 days of 2020, representing a decrease of 84 percent from P573.1 million in 2019.

“I am encouraged by our performance in the final quarter of 2020, particularly as we saw domestic mass gaming revenues increase by 75 percent compared to the previous quarter and EBITDA hitting positive territory,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

Bloomberry Chairman and CEO Enrique K. Razon Jr.

He noted that, “Our recovery is well underway. We look forward to a more meaningful improvement in 2021 should we see further easing of domestic quarantine restrictions and the eventual resumption of travel and tourism across our key markets.”

Razon added that, “Our pre-eminent priority as our recovery progresses remains to be the wellbeing of our guests and team members. This concern has manifested in the form of sanitation and safety investments at Solaire valued at over P400 million for the year, ensuring our position as the leader in excellence, safety and health security among our peers in the Philippines and the region.”

“We stay true to our intrinsic obligation to help our countrymen as we assist the Philippine Government in procuring Oxford-AstraZeneca and Moderna COVID-19 vaccines,” he said.

Outside of vaccines, the Bloomberry Cultural Foundation, Inc., has donated over P850 million worth of medical supplies, relief goods, and health infrastructure funding.