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Published
By JAMES A. LOYOLA
Bloomberry Resorts Corporation, which owns Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a 38 percent drop in unaudited consolidated net profit to $ 1.4 billion for the first quarter of 2020 from the $ 2.2 billion earned in the same quarter last year.
In a revelation, the firm said first-quarter consolidated net income was 9.4 billion reais, representing a 13 percent decrease from 10.8 billion reais in the same period last year.
“Our first quarter results have been significantly affected by the COVID-19 pandemic. Global economic activity and tourism have slowed dramatically, while the Philippine Government Enhanced Community Quarantine has resulted in the temporary suspension of Solaire’s gaming operations, “said Bloomberry President Enrique K. Razon Jr.
He added that, “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, Bloomberry employees are undergoing regular testing as part of a comprehensive plan to maintain safe work and recreation environments at Solaire.
Solaire’s overall performance of gross gaming revenue (GGR) in the first quarter was negatively impacted by the implementation of the government’s Enhanced Community Quarantine (ECQ) initiative and the Pagcor directive of March 15, 2020 in ECQ support. As such, gambling operations at Solaire have been suspended since March 16, 2020.
In the first quarter of 2020, the total GGR in Solaire was ₱ 12.2 billion, representing a 10 percent decrease from ₱ 13.6 billion in the first quarter of 2019.
Solaire’s first-quarter VIP volume decreased 19 percent year-over-year to ₱ 150.8 billion. VIP GGR was ₱ 4.7 billion, representing a decrease of 21 percent year-on-year. The VIP win rate was 3.13 percent compared to 3.22 percent in the first quarter of last year.
The massive table drop and EGM’s income in Solaire for the first quarter reached ₱ 9.7 billion and ₱ 54.0 billion, decreasing by 15 percent and 1 percent, respectively, compared to the first quarter of 2019.
Solaire Korea’s Jeju Sun reported earnings per game of ₱ 93.1 million in the first quarter, representing a 63 percent decrease from ₱ 253.6 million 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, 2020 with the full suspension achieved before March 21, 2020.
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