.jpg "2aa75_bloomberry(1)"){kind=small}
Casino operator Bloomberry Resorts Corp. said Tuesday it posted a net loss of P2.5 billion in the third quarter, a turnaround from the P3.9-billion income it booked in the same period last year as casino operations remained restricted because of the pandemic.
Bloomberry’s net loss in the first three quarters reached P5.85 billion, a sharp reversal from the P8.6-billion profit it registered a year ago.
Bloomberry said in a disclosure to the stock exchange gross gaming revenue at Solaire Resort and Casino reached P4.4 billion in the third quarter, down 74 percent from P17.1 billion in the same period last year.
GGR was impacted by the return to stricter quarantine restrictions between Aug. 4 and Aug. 19, which resulted in the closure of the mass gaming floor.
“Our third-quarter results reflect the difficult business environment brought about by the pandemic, which has negatively impacted international travel and overall demand for leisure and gaming entertainment services,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
“In the near term, we hope to see a recovery as domestic quarantine restrictions are eased further,” he said.
Solaire is not open to the public but is operating at a capacity consistent with a limited dry-run since June 15.
Such dry run operations, which involve only long-stay and select invited guests, are a means for the industry to fine-tune its services in accordance with new normal protocols, it said.
GGR at Solaire’s VIP, mass table and electronic gaming machines in the third quarter reached P2 billion, P1.1 billion, and P1.3 billion, representing year-over-year declines of 77 percent, 73 percent, and 71 percent, respectively.
Non-gaming revenue in Solaire amounted to P584.2 million in the third quarter, down 71 percent from the same period last year.
State-run Philippine Amusement and Gaming Corp. approved last week the application of Solaire to accept online bets.
The move is expected to boost the company’s casino operations as it continues to operate under limited capacity because of quarantine restrictions.
