Bloomberry Resorts posts net loss of P780.8M in Q1; fortifies protocols ahead of restart

ABS-CBN News

Posted at May 10 2021 11:05 AM

Bloomberry Resorts posts net loss of P780.8M in Q1; fortifies protocols ahead of restart 1
Ports tycoon Enrique Razon Jr. speaks during a World Economic Forum event in Manila on May 23, 2014.

MANILA – Bloomberry Resorts Corp said Monday it posted a net loss of P780.8 million in the first quarter of 2020, a reversal from P1.4 billion net profit in the same period last year but an improvement compared to Q4.

Bloomberry’s subsidiaries operate Solaire Resort and Casino and Jeju Sun Hotel and Casino.

Solaire operated for at least 88 days in the first quarter before the enhanced community quarantine (ECQ) was imposed on March 29, Enrique Razon’s group told the stock exchange. 

Total gross gaming revenue was at P6.9 billion, down 44 percent from P12.2 billion in the first quarter of 2020 but higher than 29 percent compared to the fourth quarter of 2020 as "patron confidence improved” prior to the ECQ, it said.

Consolidated net revenue reached P5.5 billion, lower than 41 percent year-on-year, Bloomberry said.

“Our performance highlights our management team’s commitment to return to profitability as well as the dedication of our team members to creating unparalleled entertainment experiences for our returning guests,” Bloomberry Chairman and CEO Enrique Razon said.

"Unfortunately, Solaire’s momentum, which was fueled by improving domestic patron confidence, has been cut short as it is faced with another closure for the duration of the MECQ. As expected, the road to recovery is not easy,” he added.

Solaire remains closed to the public, Bloomberry said. 

Razon said the company would use the time to “further strengthen” services and health protocols in anticipation of restarting operations as soon as allowed by authorities.

The NCR Plus bubble, where Solaire is located, remains under modified EQC until May 14.

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