Bloomberry swings to loss on pandemic woes but confident of recovery

Bloomberry Resorts Corp., the operator of Solaire Resort and Casino, swung into the red last year as the Covid-19 pandemic kept customers away from gaming tables but signaled a pickup in demand as global economies ease quarantine restrictions as vaccines become more widely available.

In a financial report submitted to securities regulators Bloomberry said it posted a net loss of P8.3 billion in 2020 compared with the year ago profit of P9.9 billion as net revenues plunged by 62 percent to P17.8 billion.

Total gross gaming revenues declined by 63 percent to P5.3 billion. VIP revenue amounted to P8 billion, representing a decrease of 69.4 percent as a result of significant reduction in VIP volume and lower hold rate.

Mass table and slot revenues fell by 56.2 percent and 57.0 percent, to P 7.3 billion and P 7.2 billion, respectively.

Bloomberry’s casino venture in Korea, Jeju Sun recorded a P93.1 million in gross gaming revenues, down 83.8 percent as the company had to temporarily cease all operations starting March 21 owing to the pandemic.

Solaire booked a net foreign exchange loss of P241.5 million as the Philippine Peso appreciated against the US dollar and the Hong Kong dollar.

In the fourth quarter, consolidated EBITDA returned to positive territory with P129.3 billion from a loss of P203.7 million in the previous quarter. Quarter on quarter, total GGR improved by 22 percent

“I am encouraged by our performance in the final quarter of 2020, particularly as we saw domestic mass gaming revenues increase by 75% compared to the previous quarter and EBITDA hitting positive territory. Our recovery is well underway. We look 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, said Enrique K. Razon Jr., chairman and CEO of Bloomberry.

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