Bloomberry losses cut by nearly half

MANILA, Philippines — Bloomberry Resorts Corp. trimmed its losses by nearly half in the nine months ending September on the back of higher gaming volume and revenue in the third quarter.

The listed hotel and casino operator of Enrique Razon Jr. saw its consolidated net loss from January to September cut by 49 percent to P3 billion from P5.9 billion in the same period last year.

Bloomberry’s consolidated net revenue during the nine-month period  stood at P15.4 billion, 13 percent higher from a year ago, with third quarter net revenue soaring by 59 percent to P5.1 billion.

“In the third quarter, Bloomberry realized higher gaming volume and revenue despite the intermittent business conditions brought about by shifting quarantine classifications. 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,” said Razon, chairman and CEO of Bloomberry.

Net gaming revenue of the company for the nine months jumped by 23 percent   to P13.1 billion from a year ago, with the third quarter contributing P4.4 billion.

Solaire has been closed to the public for 41 days out of the 92 days during the third quarter. It reopened its doors last Sept. 16 and, keeping to its invite-only policy, operated the casino at a limited capacity as allowed by PAGCOR.

Gross gaming revenue at Solaire during the quarter grew  by 62 percent to P7.1 billion from P4.4 billion in the same quarter of last year.

Bloomberry said VIP rolling chip volume, mass table drop, and electronic gaming machines coin-in showed signs of recovery in the third quarter on both sequential and year-over-year bases, indicating improved domestic patron confidence.

Operations at Solaire Korea’s Jeju Sun, meanwhile, have been suspended since March 21 last year.

In terms of non-gaming revenue, Bloomberry saw a 21 percent reduction during the nine-month period at P2.3 billion, but posted a 31 percent year-on-year increase at P768.5 million in the third quarter.

At Jeju Sun, the company said non-gaming revenue for the third quarter stood at P1.2 million, a decline of seven percent year-on-year.

“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 said.

“Last August, Bloomberry, in partnership with the ICTSI Foundation, opened the Solaire-ICTSI Foundation Vaccination Center. This large-scale inoculation operation that features both ambulatory and drive-thru vaccination facilities is part of our ongoing contribution to the pandemic response effort. Operations in this new site and the one in Solaire continue to be smooth, efficient, and safe,” he said.