Bloomberry hopeful of recovery

    244

    Bloomberry Resorts Corp. posted an P8.3- billion loss last year compared to a P9.9-billion profit the prior year.

    Revenues reached P17.8 billion, down 62 percent from P46.6 billion in 2019.

    The company said while it reels from the impact of the coronavirus disease 2019 (COVID-19) pandemic last year, it is slowly recovering as shown by the result of last year’s fourth quarter.

    “I am encouraged by our performance in the final quarter of 2020, particularly as we saw domestic mass gaming revenues increase by 75 percent compared to the previous quarter and EBITDA (earnings before interest, taxes, depreciation and amortization) hitting positive territory. Our recovery is well underway. We look forward to a more meaningful improvement in 2021 should we see further easing of domestic quarantine restrictions and the eventual resumption of travel and tourism across our key markets,” said Enrique Razon Jr., Bloomberry chairman.

    In Bloomberry’s Solaire Resort & Casino, gross gaming revenue (GGR) reached P22.6 billion for the full year, down 62 percent from P59.8 billion in 2019. Solaire’s VIP, mass table, and electronic gaming machine GGR in 2020 reached P8.0 billion, P7.3 billion, and P7.2 billion, respectively, down of 69 percent, 56 percent, and 57 percent.

    In the fourth quarter, total GGR at Solaire was at P5.3 billion, representing a decrease of 63 percent from P14.5 billion in the same quarter of the prior year. However, GGR recorded a 22 percent improvement from P4.4 billion in the third quarter as domestic patron confidence improved and quarantine restrictions were mildly eased in October.

    Mass table drop and EGM coin-in in the fourth quarter recorded sequential growth of 70 percent and 96 percent, respectively.

    VIP GGR for the quarter was P1.2 billion, representing a sequential and year-over-year decline of 41 percent and 78 percent, respectively, due to international travel restrictions enforced throughout the period. Fourth quarter mass table and EGM GGR were P2.0 billion and P2.2 billion, representing sequential improvements of 78 percent and 73 percent, respectively. Mass table and EGM GGR, respectively, recorded year-over-year declines of 55 percent and 52 percent.