SOLAIRE Resort & Casino operator Bloomberry Resorts Corp. finished the quarter with a “respectable” performance after trimming its consolidated net loss to P1.2 billion, 74% lower than the P4.7-billion loss incurred in the same period last year.
The company finished the quarter with a consolidated net revenue amounting to P4.7 billion, up by nearly four times from P940.9 million.
“Bloomberry generated respectable results during the quarter despite having virtually no gaming operations between April and mid-May,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a statement on Tuesday.
The company said Solaire “virtually had no gaming activity in the first 44 days of the quarter” and was closed to the public due to the reimposition of quarantine restrictions in Metro Manila and nearby provinces.
It reopened between mid-May and end-June through an “invite-only policy” while its casino operated according to the capacity allowed by the Philippine Amusement and Gaming Corp.
Bloomberry Resorts reversed its loss and generated consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) worth P1 billion in the second quarter, swinging from a P2-billion loss year on year.
“We benefited from high hold rates at Solaire and realized savings from our continuous group-wide cost optimization efforts,” Mr. Razon said.
Solaire posted a gross gaming revenue (GGR) of P5.7 billion in the second quarter, soaring by 725% from P687 million in the same period last year when Solaire only had 16 days of limited operations.
GGR for VIP tables amounted to P1.2 billion, while mass tables generated P2.8 billion, and electronic gaming machine GGR totaled P1.7 billion in the April-to-June period.
Meanwhile, its Jeju Sun Hotel & Casino in Korea reported nil gaming revenues as its operations have been suspended since March 21 last year.
The company’s consolidated net gaming revenue surged to P4.1 billion from P327.7 million last year. Meanwhile, Bloomberry Resorts booked a seven percent increase in consolidated non-gaming revenue to P657 million from P613.2 million.
In the first semester, Bloomberry Resorts incurred a net loss of P1.9 billion, down from the P3.3-billion loss logged year on year. The company’s net revenue inched down by one percent to P10.3 billion from P10.4 billion.
Consolidated GGR for the first half amounted to P12.6 billion, down by three percent from P13 billion.
Net gaming revenues improved by nine percent in the first six months to P8.7 billion, while non-gaming revenues dipped by 34% to P1.5 billion.
“As the pandemic continues to evolve, we hope to see more of our countrymen get vaccinated and build the much-needed immunity against the virus,” Mr. Razon said.
“I am pleased to report that all rostered team members at Solaire have received both doses of the vaccine and will be considered fully protected by mid-August,” he added.
On Tuesday, shares of Bloomberry Resorts at the stock market went up by 2.19% or 12 centavos to close at P5.60 each.
Article and Photo originally posted by Business World last August 4, 2021 12:05am and written by Keren Concepcion G. Valmonte.
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