Bloomberry posts P2.5 billion net loss in Q3 due to pandemic operations halt

ABS-CBN News

Posted at Nov 10 2020 07:54 PM

Bloomberry posts P2.5 billion net loss in Q3 due to pandemic operations halt 1
The Solaire Resort and Casino. Photo from Solaire

MANILA - The difficult business environment amid the COVID-19 quarantine has dragged Solaire resort operator Bloomberry Resorts Corp to a net loss of P2.5 billion in the third quarter, the firm said on Tuesday.

The net loss was a plunge from the P3.9 billion net profit it had the same quarter a year ago, bringing its January to September net loss to P5.9 billion from a net income of P8.6 billion last year.

Solaire remains closed to the public but conducts dry-runs for long-stay hotel guests and select invitees.

The company saw declines across gaming and non-gaming revenues, pulling down consolidated net earnings to P3.2 billion in the third quarter, which was 76 percent lower than P13.3 billion last year.

Likewise, the consolidated revenue for January to September was P13.6 billion, down by 62 percent from P35.7 billion a year ago.

"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," said Enrique Razon Jr., Bloomberry Chairman and CEO.

Razon said Bloomberry remains committed through its over P300-million capital investment in the sanitation of facilities, health and safety protocols for its employees and guests, and the conduct of regular RT-PCR tests.

"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," Razon said.

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