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Land-BasedFinancialIndustry

Bloomberry sees decline in Q1 2020

Bloomberry Resorts Corporation reported in a 13% decline in net revenues for Q1. The earnings were Php9.4 billion (US$186.5 million). Net profit fell by 38% with earnings of Php1.4 billion (US$27.8 million). The timeframe is the first three months of this year until 31 March 2020.

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The losses came due to travel restrictions to the Philippines and the subsequent closure of Solaire Resort & Casino that happened in mid March. The flagship casino’s gross gaming revenue declined by 10%, leaving earnings at Php12.2 billion (US$242 million) for Q1 2020. VIP volume fell by 18.9%, earning Php150.83 billion. The casino saw 20.9% in revenue with Php4.73 billion (US$93.8 million).

Table revenue also dropped 1.7% year-on-year to Php3.93 billion (US$78 million), and slot machine revenue fell by 2.3% to Php3.56 billion (US$70.6 million).

Solaire casino in Korea experienced a 63% decrease in revenue as well, earning Php93.1 million in the first quarter. The drop was impacted by the closure of the casino on 21 March.

“First quarter results have been significantly impacted by the COVID-19 pandemic,” commented Enrique Razon Jr, Bloomberry chairman and CEO,  The company expressed hope of restarting operations once quarantine is lifted and slowly coming to terms with new operating requirements. The company also added it is working on a plan involving safety measures in the venues. “Our carefully and responsibly formulated procedures to re-open Solaire will be a key contribution in moving toward a safe, post-pandemic economy,” he added.

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