Bloomberry incurs P780 million loss in Q1

MANILA, Philippines — Bloomberry Resorts Corp., the listed casino operator of tycoon Enrique Razon, reported a net loss of P780.8 million in the first quarter, a reversal of the P1.4 billion net profit recorded a year ago.

It raked in P5.5 billion in revenue during the period, representing a decline of 41 percent from P9.4 billion, but an increase of 31 percent compared to the fourth quarter of 2020.

Bloomberry operates Solaire Resort & Casino in Parañaque and Jeju Sun Hotel & Casino (Jeju Sun) in Korea.

Razon, Bloomberry chairman and CEO, said despite the challenges, the company generated solid results in the first three months, with gaming revenues, EBITDA and the bottom line improving from the previous quarter.

“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,” he said.

Unfortunately, he noted that Solaire’s momentum, fueled by improving domestic patron confidence, has been cut short as it is faced with another closure for the duration of the modified enhanced community quarantine as Metro Manila and nearby provinces were reverted to enhanced community quarantine (ECQ) on March 29 and transitioned to MECQ on April 12.

“As expected, the road to recovery is not easy,” Razon said.

Total gross gaming revenue at Solaire was P6.9 billion, down 44 percent from P12.2 billion, but an improvement of 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.

On the other hand, Solaire Korea’s Jeju Sun reported nil gaming revenue as operations have been suspended since March 21, 2020.

Consolidated non-gaming revenue totaled P872.9 million, representing a decline of 49 percent. Compared to the previous quarter, consolidated non-gaming revenue was higher by 15 percent.

At Solaire, non-gaming revenue for the first quarter was P872.1 million, representing a decrease of 49 percent from the same quarter last year.

At Jeju Sun, non-gaming revenue was P700 million, representing a decline of 96 percent.