Bloomberry Q1 net drops 38%, sees slow recovery

Thursday 14th of May 2020

Bloomberry Resorts said its Q1 net income fell 38 percent due to the impact of the coronavirus and it expects a slow recovery.

The operator of the Solaire Resort & Casino in Manila had profit in the period of PHP1.4 billion ($27.7 million). Consolidated net revenue fell 13 percent to PHP9.4 billion year-over-year, while gross gambling revenue at Solaire was down 10 percent to PHP12.2 billion. GGR was down 16 percent from the prior quarter.

The IR, in Manila’s Entertainment City district, closed to the public on March 16, due to President Rodrigo Duterte’s Enhanced Community Quarantine Order. That order has now been extended to May 31st for the capital region, whilst eased in other areas of the country.

“We look forward to restart the gaming segment soon after the quarantine is lifted,” said Chairman and CEO Enrique Razon. “We anticipate a slow recovery as our patrons, customers, and employees adjust to the “new normal.”

Razon said team members are now undergoing regular testing as part of a plan to “meet and exceed” acceptable local safety standards.

“We will have clear, effective, comforting and consistently implemented protocols that will instill a true sense of safety and security for all,” he said.

In Q1, VIP GGR fell 21 percent from the same period a year ago to PHP4.7 billion, while mass tables and EGMs were down by 2 percent to PHP3.9 billion and PHP3.6 billion respectively.

Solaire Korea’s Jeju Sun saw a 63 percent drop in Q1 revenue to PHP93.1 million. The property began a phased Covid-19 suspension of operations on March 6, will full suspension by March 21.