Casino operator Bloomberry Resorts Corp. said Friday its net loss narrowed to P1.1 billion in the third quarter from the P2.5-billion net loss it booked in the same period last year on higher gaming revenues.
Third-quarter gross gaming revenues at Solaire Resorts jumped 62 percent to P7.1 billion from P4.4 billion a year ago even as Solaire Resorts operated only for 51 days during the period because of stricter quarantine measures. Solaire also kept to its invite-only policy and operated the casino at a limited capacity as allowed by the government.
“In the third quarter, Bloomberry realized higher gaming volumes and revenues despite the intermittent business conditions brought about by shifting quarantine classifications,” Bloomberry chairman and chief executive Enrique Razon Jr. said in a disclosure to the stock exchange.
“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,” Razon said.
Solaire’s GGR from VIP stood at P2 billion in the third quarter, down 1 percent from the same quarter last year. However, GGR from mass table and electronic gaming machines reached P2.7 billion and P2.4 billion, representing year-on-year gains of 144 percent and 89 percent, respectively.
Non-gaming revenue in the third quarter reached P767.3 million, up 31 percent from the same quarter last year as hotel occupancy improved to 18.3 percent from 17.6 percent a year ago.
Bloomberry’s posted a net loss of P3 billion in the first three quarters, also an improvement from the net loss of P5.9 billion in the first nine months of 2020.
Consolidated GGR increased by 13 percent in the first nine months to P19.6 billion from P17.4 billion a year earlier.
“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.
The share price Bloomberry jumped 6.08 percent Friday to close at P7.50.
