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Bloomberry Resorts Corp.’s net income decreased 38 percent to P1.4 billion in the first three months of the year from P2.2 billion in the same period in 2019, which it attributed to the 2019 coronavirus disease ( Covid-19) pandemic and the severe limitations it imposed.
In a presentation Thursday, Bloomberry President and CEO Enrique Razon Jr.
He said “First quarter results have been significantly affected by the Covid-19 pandemic. Global economic activity and tourism have slowed dramatically, while the Philippine government’s Enhanced Community Quarantine (ECQ) has resulted in the suspension of Solaire’s gambling operations “.
The publicly traded operator of Solaire Resort and Casino and Jeju Sun Hotel and Casino saw its net profits reach P9.4 billion, 13 percent less than P10.8 billion year-over-year.
Non-gaming consolidated revenue decreased 10 percent to P1.7 billion from P1.9 billion year-over-year.
Solaire’s non-gaming revenue reached P1.7 billion, a 11 percent drop from the previous year. A hotel occupancy rate of 67.3 percent was registered, lower than the 87.8 percent registered in the same period last year.
Jeju Sun’s non-gaming revenue increased 42 percent year-over-year to P17.9 million, Bloomberry said, as “non-gaming services on the property were partially reopened after completion of renovation work. from the previous year “.
Bloomberry said Solaire’s overall gross gaming revenue was also affected by the ECQ as gaming operations were suspended in mid-March.
Its total first-quarter GGR decreased by 10 percent to P12.2 billion from P13.6 billion.
Its VIP volume was also down 19 percent to P150.8 billion in the quarter, while VIP GGR was down from P4.7 billion, down 13 percent and 21 percent sequentially and year-over-year, respectively.
The VIP win rate was 3.13 percent versus 3.22 percent in the first quarter of 2019.
“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,” said Razon.
“For now, our team members are undergoing periodic testing as part of a comprehensive plan to maintain safe work and recreation environments in Solaire,” he added.
Meanwhile, Jeju Sun posted gaming revenue of P93.1 million in the first quarter, a 63 percent drop from the P253.6 million recorded in the same period 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,” the corporation said.
“Bloomberry joins the directives of our government and Pagcor (Philippine Amusement and Gaming Corp.) to defeat Covid-19. Our carefully and responsibly formulated procedures to reopen Solaire will be a key contribution to moving towards a safe and post-pandemic economy, ”said Razon.
Bloomberry shares rose 15 cents, or 2.8 percent, to end at P5.50 every Thursday.
