Razon gaming firm reduces losses as 3rd quarter revenues surge

MANILA, Philippines—Publicly-listed Bloomberry Resorts Corp., whose subsidiaries own and operate Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a sharp increase in gaming revenues for the third quarter despite being closed to the public for over a month during the period due to COVID restrictions.

At the same time, it reported a consolidated net loss of P1.1 billion for the third quarter, representing a P1.5 billion improvement from net loss of P2.5 billion in the same quarter last year.

Its net loss improved by P112.3 million from the P1.2 billion net loss reported in the previous quarter. Consolidated net loss in the first nine months was P3 billion, compared to net loss of P5.9 billion in the first nine months of 2020.

In a statement, the company said gross gaming revenues at Solaire was P7.1 billion for the third quarter of 2021, representing an increase of 62 percent from P4.4 billion in the same quarter of last year.

Compared to the previous quarter, gross gaming revenues improved by 25 percent. Gross gaming revenues at Solaire in the first nine months was P19.6 billion, higher by 14 percent year-over-year.

“In the third quarter, Bloomberry realized higher gaming volumes and revenues despite the intermittent business conditions brought about by shifting quarantine classifications,” Bloomberry chair and CEO Enrique Razon Jr. said.

“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,” he added.

Solaire was closed to the public for 41 days out of the 92 days during the quarter due to mobility restrictions imposed by the government. It reopened its doors on September 16, 2021 under an “invite-only” policy, and operated the casino at a limited capacity as allowed by the Philippine Amusement and Gaming Corp.

Solaire’s VIP gross gaming revenues in the third quarter was P2 billion, representing a 1 percent decline from the same quarter last year. Solaire’s mass table and electronic gaming machine total revenues were P2.7 billion and P2.4 billion, representing year-over-year gains of 144 percent and 89 percent, respectively.

On a sequential basis, VIP and gaming machine revenues recorded increases of 72 percent and 42 percent, respectively. Mass table revenues recorded a quarter-on-quarter decrease of 4 percent, mainly due to a lower hold rate.

Solaire Korea’s Jeju Sun reported nil gaming revenue in the third quarter as operations at the property have been suspended since March 21, 2020.

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Article was originally published in Inquirer and written by Daxim L. Lucas.