Bloomberry Resorts report Q2 losses
Bloomberry Resorts Corp announced financial results for Q2 2020. The group’s gaming revenue was PHP327.7m, a drop compared to PHP9.6bn in 2019. The group recorded a PHP4.7bn net loss, a massive drop from PHP2.5bn net income in 2019. The group stated the “revenues in the second quarter of 2020 have been impacted by the Covid-19 pandemic, which has had negative implications on the global economy and tourism”.
In the Philippines, the group’s gaming revenue was PHP464m, an almost 97% drop compared to PHP13.6bn the previous year. VIP tables brought in PHP122m, 98% less than PHP6.2bn the last year, and slots dropped by 94% from PHP4.4bn to PHP261m. The group also reported a negative EBITDA of almost PHP2bn, compared to the positive EBITDA of PHP5bn the last year.
Gross gaming revenue (GGR) at the group’s Philippine casino Solaire was PHP686.6m, a 95% drop from PHP14.6m. Consolidated net revenue was PHP940.9m.
The group stated, “Bloomberry is not exempt from the seismic impact of the Covid-19 pandemic on global tourism and the gaming entertainment industry. During this difficult time, our top priorities are to weather the impact of this virus and to maintain the health and safety of our team members and guests.”
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