Bloomberry posts P8.3 B loss
Bloomberry Resorts Corp., the listed hotel and casino operator, reported a net loss of P8.3 billion last year, but recorded improvements in revenue in the fourth quarter of 2020 compared to the third quarter.
The company’s 2020 results was severely impacted by the COVID-19 outbreak, resulting in the temporary suspension of Solaire Resort & Casino’s casino operations from March 16 to June 15, 2020.
Bloomberry’s Jeju Sun in South Korea has been closed since March 21, 2020.
Despite the losses, Bloomberry chairman and CEO Enrique Razon Jr. said fourth quarter results are encouraging and believes recovery is underway.
“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. Our recovery is well underway,” he said.
Razon said the company looks 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.”
Gross gaming revenue at Solaire reached P22.6 billion, down 62 percent.
Solaire’s VIP, mass tables and electronic gaming machine (EGM) GGR amounted to P8 billion, P7.3 billion and P7.2 billion, representing yearon-year declines of 69 percent, 56 percent and 57 percent, respectively.
This resulted in a consolidated net revenue of P17.8 billion for Bloomberry, 62 percent lower than the previous year.
In the fourth quarter, total GGR at Solaire reached P5.3 billion, representing a decline of 63 percent from P14.5 billion in the fourth quarter of 2019 and a 22 percent improvement from the previous quarter.
Combined mass tables and EGM GGR recorded a sequential improvement of 75 percent. This was because quarantine restrictions eased in October.
Mass table drop and EGM coin-in in the fourth quarter recorded sequential growth of 70 percent and 96 percent, respectively.
Bloomberry reported P3.7 billion in non-gaming revenues, down 55 percent. For roughly nine and a half months of 2020, the company operated limited areas of the hotel, F&B, and retail businesses at Solaire to cater to select invitees and remaining long-stay hotel guests who were stranded due to strict quarantine and travel restrictions.