Bloomberry Resorts Corporation sees strong revenue potential in its online gaming business which is started late in 2020.
During the firms annual stockholders’ meeting, Bloomberry Chairman Enrique K. Razon Jr. said “We started online gaming on a limited fashion in November of 2020 and have been building it ever since.”
“We are looking forward and am hopeful that in the near term future, in the medium term, that it will be a large part of our business,” he added.
Razon said that, so far, their online business “has grown strongly and has been delivering substantial revenues monthly from zero a year and a half ago and we are highly confident on this development and have been focusing on this area.”
Intermittent gaming operations last year brought about by shifting quarantine classifications, due to surges in the number of COVID-19 cases in April and May then again in August, made it difficult for Bloomberry to ramp up its operations.
“However, the business remained stable and managed to report positive operating cash flow, a complete reversal from the year prior, and meaningfully higher EBITDA,” said Razon.
Solaire’s VIP segment remained weak as regional tourism was almost non-existent given the constantly changing travel restrictions across Asian jurisdictions.
“On the other hand, the mass segment’s resilience was apparent, as we saw steady increases in foot traffic and gaming volume every time quarantine restrictions were eased,” he said.
Also aiding the recovery in the mass segment was the increasing vaccination rate, which encouraged the government to ease most restrictions to allow Filipinos more mobility.
“We operated with limited capacity to one degree or another throughout 2021. Recently, most restrictions have been lifted including travel restrictions, and only masks and vaccines are mandatory,” said Razon.
He noted that, “If this environment continues, and other Asian countries start lifting their own inbound travel restrictions, then we will have a clear runway to ramp up to pre-pandemic levels.”
Work continues at Bloomberry’s Solaire North, where the pace of construction remains limited, but still on-track for a 2023 opening.
“Solaire North will be an upscale mass-focused offering that, together with Solaire and the revamped Solaire Club, will profoundly expand our gaming footprint to take advantage of what we anticipate to be a burgeoning post-pandemic domestic mass and regional premium mass demand,” said Razon.
If you like this article, share it on social media by clicking any of the icons below.
Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.
The article was originally published in Manila Bulletin and written by James A. Loyola.
About Post Author
More Stories
Banks’ total assets up at P26.2 trillion end-June
Lamudi sees heightened developer confidence with rise in ad spending
Phase 1 of PHINMA’s Bacolod township to finish by next year