Bloomberry reduces losses on limited operations

Published August 3, 2021, 3:31 PM

by James A. Loyola

Bloomberry Resorts Corporation, owner of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a lower consolidated net loss P1.9 billion in the first six months of 2021 from a loss of P3.3 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said it registered a consolidated net loss of P1.2 billion for the second quarter higher from the net loss of P4.7 billion in the same quarter last year but 49 percent compared to the P780.8 million net loss reported in the first quarter of 2021.

Consolidated net revenue in the first half was P10.3 billion, lower by 1 percent from the P10.4 billion posted in the same period of 2020.

Bloomberry’s consolidated net revenue in the second quarter was P4.7 billion, representing an increase of P3.8 billion from P940.9 million in the same period last year.

Bloomberry Chairman and CEO Enrique K. Razon Jr.

“Bloomberry generated respectable results during the quarter despite having virtually no gaming operations between April and mid-May,” Bloomberry Chairman and CEO Enrique K. Razon Jr. said.

He added that, “Consolidated EBITDA reached P1.0 billion in the second quarter as we benefitted from high hold rates at Solaire and realized savings from our continuous group-wide cost optimization efforts.”

Metro Manila was placed under ECQ from March 29 to April 11, 2021, then was eased to MECQ from April 12 to May 14, 2021. The classification was further eased to GCQ from May 15 to the end of the quarter.

The result was Solaire having virtually no gaming operations in the first 44 days of the quarter and was closed to the public.

Between May 15 and June 30, 2021, Solaire reopened utilizing its invite-only policy while the casino operated at a capacity consistent with a limited dry-run as allowed by PAGCOR.

In the second quarter of 2021, total GGR at Solaire was P5.7 billion, representing a decrease of 18 percent from P6.9 billion in the previous quarter when Solaire had 88 days limited capacity operations.

Year-over-year, GGR was higher by P5.0 billion since Solaire had only 16 days of limited operations in the second quarter of 2020.

GGR at Solaire in the first half was P12.6 billion, 3 percent lower compared to the first half of 2020.

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

The Company reported consolidated non-gaming revenue of P1.5 billion the first half of 2021, lower by 34 percent compared to the same period last year, mainly from the operations of Solaire.

At Jeju Sun, non-gaming revenue for the quarter was P1.1 million, representing a decline of 58 percent year-over year.

“As the pandemic continues to evolve, we hope to see more of our countrymen get vaccinated and build the much-needed immunity against the virus. Solaire is doing its part through the Solaire-ICTSI Vaccination Center which has so far administered close to 32,000 shots since it opened last June 28, 2021,” Razon said.

Photo shows: A Solaire Team Member has her photo taken after receiving her dose of the Moderna vaccine.

He added that, “I am pleased to report that all rostered team members at Solaire have received both doses of the vaccine and will be considered fully protected by mid-August. Also, first dose vaccinations for our employees’ dependents began last month.”

Solaire, together with the corporate foundation of its sister company International Container Terminal Services, Inc. (ICTSI), had procured Moderna vaccines for its team members as well as five of their dependents at no cost to the team members.

The Solaire – ICTSI Foundation Inc. Vaccination Center (SIVC) located with Solaire, was the venue for the roll out of the vaccination program for team members beginning last week of June.

Selected areas of The Theatre at Solaire were converted to accommodate a robust vaccination process that supports both drive-thru and on-site appointments.

Photo shows: A Solaire Team Member getting her dose of the Moderna vaccine procured by Solaire and the International Container Terminal Services, Inc.

The SIVC vaccine journey makes use of the latest in mobile technology developed by Zuellig Pharma, utilizing QR codes embedded with Team Member information for a quick, efficient and safe vaccine administration.