Bloomberry Resorts Corporation has reported a 13% decline in consolidated net revenue to Php9.4 billion (US$186.5 million) and 38% fall in net profit to Php1.4 billion (US$27.8 million) for the three months to 31 March 2020, impacted by travel restrictions to the Philippines and the closure from mid-March of its flagship Solaire Resort & Casino.
Solaire saw its gross gaming revenue decline by 10% in 1Q20 to Php12.2 billion (US$242 million), with the VIP segment suffering an 18.9% fall in volume to Php150.83 billion (US$2.99 billion) and 20.9% in revenue to Php4.73 billion (US$93.8 million).
Mass table drop was down 14.6% to Php9.71 billion but was aided by a high win rate, with revenue falling just 1.7% year-on-year to Php3.93 billion (US$78 million). Slot machine revenue fell 2.3% to Php3.56 billion (US$70.6 million).
Solaire Korea’s Jeju Sun saw its gaming revenue decrease 63% to Php93.1 million (US$1.85 million) in the first quarter, having begun a phased suspension of operations on 6 March 2020 and suspending all operations by 21 March.
“Our first quarter results have been significantly impacted by the COVID-19 pandemic,” said Bloomberry Chairman and CEO Enrique K Razon Jr.
“Global economic activity and tourism have drastically slowed while the Philippine Government’s Enhanced Community Quarantine has resulted in the temporary suspension of Solaire’s gaming operations.
“We look forward to restart the gaming segment soon after the quarantine is lifted. We anticipate a slow recovery as our patrons, customers, and employees adjust to the ‘new normal.’ For now, our team members are undergoing regular testing as part of a comprehensive plan to maintain safe working and recreational environments at Solaire.
“Bloomberry stands united with the directives of our government and PAGCOR in defeating COVID-19. Our carefully and responsibly formulated procedures to reopen Solaire will be a key contribution in moving toward a safe, post pandemic economy.”
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