Bloomberry cuts Q1 losses to P781 million

Published May 10, 2021, 4:00 PM

by James A. Loyola

Bloomberry Resorts Corporation, the owner of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a net loss of P780.8 million in the first quarter of the year from a net income of P1.4 billion in the same period last year.

However, the firm disclosed to the Philippine Stock Exchange that net loss improved by 68 percent compared to the P2.5 billion net loss incurred in the fourt quarter of 2020.

“Despite the challenges, the Company generated solid results in the first three months of 2021 with gaming revenues, EBITDA and the bottom line improving from the previous quarter, said Bloomberry Chairman and CEO Enrique K. Razon Jr.

Bloomberry Chairman and CEO Enrique K. Razon Jr.

He added that, “Our performance highlights our management team’s commitment to return to profitability as well as the dedication of our team members to creating unparalleled entertainment experiences for our returning guests.” 

“Unfortunately, Solaire’s momentum, which was fueled by improving domestic patron confidence, has been cut short as it is faced with another closure for the duration of the MECQ. As expected, the road to recovery is not easy,” Razon noted.

He said that, “In the meantime, Bloomberry will carry on with further strengthening services and health security protocols at Solaire in anticipation of restarting operations as soon as allowed by the relevant authorities.” 

For 88 days in the first quarter, Solaire’s casino was operating at a capacity consistent with a limited dry-run as allowed by PAGCOR, which involve only long-stay and select invited guests as a means for the industry to fine-tune its services in accordance with new normal protocols.

With the rising number of COVID-19 cases in March 2021, Metro Manila and nearby provinces were reverted to Enhanced Community Quarantine (ECQ) on March 29, 2021 and transitioned to Modified Enhanced Community Quarantine (MECQ) on April 12, 2021. As such, Solaire has been closed to the public since March 29, 2021. 

In the first quarter of 2021, total GGR at Solaire was P6.9 billion, representing a decrease of 44 percent from P12.2 billion in the first quarter of 2020. GGR at Solaire improved by 29 percent compared to the fourth quarter of 2020 as domestic patron confidence improved prior to the return to ECQ at the end of March.

Solaire Korea’s Jeju Sun reported nil gaming revenue in the first quarter as operations at the property have been suspended since March 21, 2020. 

As with Solaire’s gaming segments, the non-gaming businesses operated at limited capacity throughout the quarter. The hotel, F&B and retail segments have not been accepting guests since March 29, 2021. 

The Company reported consolidated non-gaming revenue of P872.9 million for the quarter, representing a decline of 49 percnt from the P1.7 billion generated in the same quarter last year. Consolidated non-gaming revenue was higher by 15 percentcompared to the fourth quarter of 2020.