Bloomberry Resorts Corporation, owner of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a smaller unaudited consolidated net loss of P3 billion first nine months of 2021 from a loss of P5.9 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated net loss for the third quarter of 2021 also declined to P1.1 billion from P2.5 billion in the same period last year.
“In the third quarter, Bloomberry realized higher gaming volumes and revenues despite the intermittent business conditions brought about by shifting quarantine classifications,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.
He added that, “We are prepared to continue operating in such an environment, but are looking forward to a more stable one should domestic restrictions be eased in line with the increasing vaccination rate.”
“Even with now relatively relaxed limitations on mobility, Bloomberry remains committed to safeguarding the health of its onsite customers and team members by maintaining its industry benchmark health and safety security protocols,” Razon noted.
Metro Manila was placed under ECQ from August 6 to August 20, 2021, which was then eased to MECQ from August 20, 2021 to September 15, 2021. On September 16, 2021, Metro Manila quarantine restrictions were eased under a new classification scheme to “GCQ Alert Level 4” until the end of the quarter.
The result was Solaire having been closed to the public for 41 days out of the 92 days during the quarter. On September 16, 2021, Solaire reopened its doors and, keeping to its invite-only policy, operated the casino at a limited capacity as allowed by PAGCOR.
In the first nine months of 2021, Solaire’s VIP gross gaming revenues (GGR) increased by 26 percent year-over-year to P5.1 billion, while mass table and electronic gaming machines (EGM) GGR grew by 51 percent and 27 percentyear-over-year to P8.1 billion and P6.5 billion, respectively.
Solaire Korea’s Jeju Sun reported nil gaming revenue in the third quarter as operations at the property have been suspended since March 21, 2020.
Consolidated contra revenue accounts in the first nine months increased by 2 percent compared to the same period last year to P5.4 billion.
Consolidated net gaming revenue in the first nine months was P13.1 billion, up by 23 percent compared to the same period last year.
Consolidated non-gaming revenue in the first nine months was P2.3 billion, lower by 21 percent compared to the same period last year.
Non-gaming revenue at Solaire in the first nine months was P2.3 billion, representing a decline of 21 percent year-over-year.