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Bloomberry Resorts Corp., the operator of Solaire Resorts and Casino, said its net revenue fell 38 percent to P1.4 billion during the first quarter ending in March, from P2.2 billion last year, already that the blockade that stopped its operations resulted in a decrease in income
Consolidated net income in the first quarter decreased 13 percent to P9.4 billion from P10.8 billion in the same period last year.
Total gross gaming revenue at Solaire fell 10 percent during the period to P12.2 billion, from P13.6 billion last year. VIP revenue fell 21 percent to P4.7 billion, while massive tabletop gaming machines and arcade machines decreased 2 percent to P3.9 billion and P3.6 billion, respectively.
“Our first quarter results have been significantly affected by Covid-19 [coronavirus disease 2019] pandemic. Global economic activity and tourism have slowed dramatically, while the Philippine government’s improved community quarantine has resulted in the temporary suspension of Solaire’s gaming operations, “said Enrique K. Razon Jr., President and CEO of Bloomberry.
“We hope to restart the gaming segment shortly after quarantine is lifted. We anticipate a slow recovery as our customers, clients, and employees adjust to the “new normal.” For now, our team members are undergoing periodic testing as part of a comprehensive plan to maintain safe work and recreation environments in Solaire, “added Razon.
Solaire’s South Korean operation Jeju Sun reported gaming revenue of P93.1 million in the first quarter, 63 percent less than the P253.6 million reported in the same quarter last year.
In response to the Covid-19 situation in South Korea, Jeju Sun began a gradual suspension of operations on March 6, and the total suspension was achieved before March 21.
Consolidated revenue accounts for revenue in the first quarter fell 7 percent to P3.7 billion. This represents 30 percent of the game’s consolidated gross revenue compared to 32 percent in the previous quarter and 29 percent in the same quarter last year.
The company’s consolidated non-gaming related revenue also fell 10 percent to P1.7 billion for the quarter from P1.9 billion last year.
