BLOOMBERRY Resorts Corp. said profit in the first quarter of the year reached P1.4 billion, down 38 percent from P2.2 billion last year. Revenues amounted to P9.4 billion, down 13 percent.
The company said first quarter was negatively impacted by economic and tourism implications of the COVID-19 (new coronavirus disease 2019) pandemic as well as the temporary suspension of gaming operations at Solaire since March 16, 2020.
Earnings before interest tax depreciation and amortization (EBITDA) stood at P3.5 billion, down 23 percemt from P4.5 billion last year
Bloomberry said in Solaire Resort and Casino, gross gaming revenue (GGR) was at P12.2 billion, down 10 percent from P13.6 billion.
The VIP volume stood at P150.8 billion, down 19 percent, with GGR at P4.7 billion, 21 percent lower.
The mass table drop and electronic gaming machine (EGM) coin-in was at P9.7 billion and P54 billion respectively, down 15 percent and 1 percent respectively. Mass table revenue and EGM revenue each declined by 2 percent year-on-year to P3.9 billion and P3.6 billion, respectivelyl.
The company’s Korea operation, Jeju Sun, posted gaming revenues of P93.1 million, down 63 percent from P253.6 million last year. The company said Jeju Sun began a phased suspension of operations on March 6, 2020 with full suspension by March 21, 2020.
“Consolidated contra revenue accounts in the first quarter decreased by 7 percent to P3.7 billion. This represents 30 percent of consolidated GGR compared to 32 percent in the previous quarter and 29 percent in the same quarter last year,” it said.
“Consolidated gaming revenue after contra revenue accounts for the first quarter reached P7.7 billion, representing a decrease of 12 percent and 13 percent on a sequential and year-over-year basis, respectively,” it added.
Non-gaming revenues meanwhile stood at P1.7 billion, down 10 percent from P1.9 billion last year.
In Solaire, non-gaming revenue was at P1.7 billion, down 11 percent. Hotel occupancy was at 67.3 percent, compared to 87.8 percent last year.
In Jeju Sun, non-gaming revenue was at P17.9 million, up 42 percent as non-gaming amenities at the property were partially reopened after the completion of extensive renovation works from the previous year.
“Our first quarter results have been significantly impacted by the COVID-19 pandemic. Global economic activity and tourism have drastically slowed while the Philippine government’s enhanced community quarantine has resulted in the temporary suspension of Solaire’s gaming operations,” said Enrique K. Razon Jr., Bloomberry chairman.
“We look forward to restart the gaming segment soon after the quarantine is lifted. We anticipate a slow recovery as our patrons, customers, and employees adjust to the ‘new normal’. For now, our team members are undergoing regular testing as part of a comprehensive plan to maintain safe working and recreational environments at Solaire,” he added.
