Bloomberry records $52m loss for Q3
Bloomberry Resorts Corporation has reported a loss of PHP2.5bn ($52m) for Q3 2020, down from a net profit of PHP3.9bn the company recorded in the same period last year.
EBITDA was a loss of PHP203.7m, against positive EBITDA of PHP6.4bn the previous year.
The company’s losses were due to continuous pandemic restrictions. According to Inside Asian Gaming, Philippines gaming regulator PAGCOR allowed four of the capital’s casinos to resume operations at 30% capacity in August, but during the same month, Solaire Resort & Casino, the property of Bloomberry, was briefly closed for a few weeks as the regulations tightened.
Jeju Sun, Bloomberry’s Korean casino, has remained closed since March.
However, gross gaming revenue (GGR) in the Solaire rose from PHP686.6m in Q2 2020 to PHP4.4bn in Q3. VIP revenue was PHP2bn, a 77% decline from the previous year. Mass table GGR declined by 73% to PHP1.1bn, and EGM GGR was PHP1.3bn, a 71% year-on-year drop.
Bloomberry chairman and CEO Enrique K Razon Jr. said: “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.” But he remained hopeful about the company’s recovery “as domestic quarantine restrictions are eased further.”
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