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Bloomberry swung to P771-m net loss in the first quarter

Gaming company Bloomberry Resorts Corp. said Monday it posted a net loss of P771 million in the first quarter, a reversal of the P1.37-billion net income it booked in the same period last year as business operations remained limited because of the pandemic.

The company said the net loss on a quarter-on-quarter basis narrowed 68 percent compared to a net loss of P2.5 billion in the fourth quarter of 2020.

Total gross gaming revenues at Solaire Resorts & Casino amounted to P6.9 billion, down 44 percent from P12.2 billion in the first quarter of 2020.

Gaming revenues at Solaire improved 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.

“Despite the challenges, the company generated solid results in the first three months of 2021 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,” said Bloomberry chairman and chief executive Enrique Razon Jr.

“Unfortunately, Solaire’s momentum, which was fueled by improving domestic patron confidence, has been cut short as it is faced with another closure for the duration of the MECQ [moderate enhanced community quarantine]. As expected, the road to recovery is not easy,” he said.

Revenues from Solaire’s VIP, mass table and electronic gaming machines GGR in the first quarter were P1.9 billion, P2.5 billion and P2.4 billion, representing year-over-year declines of 59 percent, 36 percent, and 32 percent, respectively.

Non-gaming revenues at Solaire dropped 49 percent to P872.1 million. Hotel occupancy was 21.5 percent, compared 67.3 percent in the first quarter of 2020.

Meanwhile, Bloomberry’s casino operation in Jeju, South Korean remained closed since March last year due to the pandemic.

First-quarter consolidated cash operating expenses reached P3.9 billion, lower by 33 percent compared to P5.8 billion in the same quarter last year. 

The decrease in cash operating expense was due to lower gaming taxes paid consistent with the decline in GGR, reduced cost of sales and a decline in salaries and benefits

Topics: Bloomberry Resorts Corp. , net loss , COVID-19 pandemic
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