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Bloomberry Resorts Corp., the operator and owner of Solaire Casino and Resorts, said Thursday net income declined by 38 percent in the first quarter to P1.4 billion from a year earlier, with the temporary suspension of casino operations in mid-March amid the enhanced community quarantine.
Bloomberry said in a disclosure to the stock exchange consolidated net revenues went down by 13 percent year-on-year to P9.4 billion.
Total gross gaming revenues at Solaire was P12.2 billion, down 10 percent as gaming revenues from VIP dropped 21 percent to P4.7 billion. Gaming revenues from mass tables and electronic gaming machines both declined by 2 percent year-over-year to P3.9 billion and P3.6 billion, respectively.
“Our first-quarter results have been significantly impacted by the COVID-19 pandemic. Global economic activity and tourism have drastically slowed while the Philippine government’s enhanced community quarantine has resulted in the temporary suspension of Solaire’s gaming operations,” Bloomberry chairman and chief executive Enrique Razon Jr. said.