Bloomberry swings to loss in H1

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    Bloomberry Resorts Corp. posted a net loss of P3.3 billion in the first half of the year, a reversal from the prior year’s P4.7 billion profit.

    Revenue was at P10.4 billion, down 54 percent from P22.4 billion last year.

    Earnings before interest tax depreciation and amortization (EBITDA) stood at P1.5 billion, down 84 percent from P9.5 billion last year

    Bloomberry’s gaming operations in Solaire Resort and Casino and Jeju Sun have been closed since March sending gross gaming revenues (GGR) down 55 percent to P13 billion from P28.6 billion from last year.

    Solaire’s VIP, mass tables and electronic gaming machine (EGM) GGR was at P4.9 billion, P4.2 billion, and P3.8 billion, respectively, down 60 percent, 48 percent, and 52 percent, respectively. Total GGR at Solaire was P12.9 billion, 54 percent lower compared to the first half of 2019

    Enrique Razon Jr., Bloomberry chairman, said despite the uncertain of the pace of business recovery, “we will push forward with our key capital project, Solaire North, as we believe that its opening will coincide with a meaningful upcycle that is typical after a period of economic weakness. We look to emerge from this crisis as a much stronger company.”