Bloomberry’s Q1 profit down 38%

SOLAIRE Resort and Casino RICHARD REYES

Integrated gaming resort developer and operator Bloomberry Resorts Corp. suffered a 38-percent year-on-year decline in first quarter net profit amounting to P1.4 billion as the coronavirus (COVID-19) pandemic took a heavy toll on the casino and tourism businesses.

With the gaming operations at flagship Solaire suspended since March 16 and flights from China, Hong Kong, Taipei and Macau suspended even before the lockdown of Luzon, gross gaming revenues (GGR) at Solaire declined by 10 percent year-on-year to P12.2 billion. High-roller or VIP GGR declined by 21 percent, while GGR from mass table and electronic gaming machine (EGM) slipped by 2 percent.

“Our first quarter results have been significantly impacted by the COVID-19 pandemic. Global economic activity and tourism have drastically slowed while the Philippine government’s enhanced community quarantine (ECQ) has resulted in the temporary suspension of Solaire’s gaming operations,” Bloomberry chair and chief executive officer Enrique Razon Jr. said in a disclosure to the Philippine Stock Exchange on Thursday.

“We look forward to restart the gaming segment soon after the quarantine is lifted. We anticipate a slow recovery as our patrons, customers, and employees adjust to the new normal. For now, our team members are undergoing regular testing as part of a comprehensive plan to maintain safe working and recreational environments at Solaire,” Razon said.