Bloomberry narrowed loss in Q3 to P 2.5B

Integrated gaming operator Bloomberry Resorts Corp. trimmed its net loss in the third quarter compared to the second quarter but business remained challenging as flagship Solaire Resort & Casino relied on limited dry-run operations as allowed by gaming regulators during this pandemic.

Bloomberry incurred a net loss of P2.5 billion in the third quarter, a reversal of the P3.9-billion net profit in the same quarter last year but an improvement from the net loss of P4.7 billion incurred in the second quarter of this year.

This brought Bloomberry’s January to September net loss to P5.9 billion versus the net profit of P8.6 billion in the same period last year when the pandemic had yet to cause business disruptions in the country and the rest of the world.

“Our third quarter results reflect the difficult business environment brought about by the pandemic, which has negatively impacted international travel and overall demand for leisure and gaming entertainment services. In the near term, we hope to see a recovery as domestic quarantine restrictions are eased further,” Bloomberry chair Enrique Razon Jr. said in a disclosure to the Philippine Stock Exchange on Tuesday.

“Despite the challenges we face, Bloomberry remains committed to ensuring the health and safety of our team members and guests. Solaire’s safety protocols have been enhanced with the latest technologies while the sanitation of the casino, rooms, dining areas, and public spaces are nonstop; we go the extra mile and provide regular RT-PCR tests to our team members and make the same available to guests. With these investments—which have reached over P300 million—we hope to maintain our market leadership as well as become the tourism industry’s gold standard of hygiene and sanitation,” he added.

Since June 15, Solaire has been limited mainly to servicing long-stay hotel guests and select invitees. The casino has been closed to the public since March 16, in line with the directive from the Philippine Amusement & Gaming Corp.

In the third quarter, gross gaming revenues (GGR) amounted to P4.4 billion, down by 74 percent year-on-year. Nine-month GGR amounted to P17.3 billion, 62 percent lower year-on-year due to business disruptions during this pandemic.

Non-gaming revenues for the third quarter stood at P585.5 million, representing a decline of 72 percent year-on-year. Non-gaming revenue in the first nine months amounted to P2.9 billion, lower by 51 percent compared to the same period last year.