Manila’s Solaire Resort & Casino recorded its best GGR result of the year in 3Q21, with gaming revenue of Php7.1 billion (US$140.3 million) representing a 62% year-on-year increase and 25% improvement over the June quarter – despite being closed for 41 days.
All casinos across the Philippines’ National Capital Region were ordered to suspend operations from 6 August after being placed under Enhanced Community Quarantine restrictions. They were eventually allowed to welcome back some VIP guests from 16 September and more recently to reopen to the public at 30% capacity from 16 October under the country’s new alert level system.
Nevertheless, Solaire parent firm Bloomberry Resorts Corp said VIP rolling chip volume, mass table drop, and EGM coin-in showed signs of recovery in the third quarter on both sequential and year-over-year bases, indicating much improved domestic patron confidence.
Mass table revenue grew 144% year-on-year to Php2.73 billion (US$53.9 million) and slots by 89% to Php2.37 billion (US$46.8 million) while VIP revenue was very slightly down on 3Q20 to Php1.99 billion (US$39.3 million) due to low hold.
Bloomberry recorded no revenue at its Korean casino, Jeju Sun, which has remained closed since March 2020 as a result of COVID-19.
The company’s consolidated EBITDA in 3Q21 was Php910.1 million (US$18.0 million), reversing a Php203.7 million (US$4.0 million) loss during the same period last year, while consolidated net loss of Php1.1 billion (US$21.7 million) was improved from a net loss of Php2.5 billion (US$49.4 million) in 3Q20 and Php1.2 billion (US$23.7 million) in 2Q21.
“In the third quarter, Bloomberry realized higher gaming volumes and revenues despite the intermittent business conditions brought about by shifting quarantine classifications,” said Bloomberry Chairman and CEO, Enrique K Razon Jr.
“We are prepared to continue operating in such an environment, but are looking forward to a more stable one should domestic restrictions be eased in line with the increasing vaccination rate. Even with now relatively relaxed limitations on mobility, Bloomberry remains committed to safeguarding the health of its onsite customers and team members by maintaining its industry benchmark health and safety security protocols.”
“Last August, Bloomberry, in partnership with the ICTSI Foundation, opened the Solaire-ICTSI Foundation Vaccination Center. This large-scale inoculation operation that features both ambulatory and drive-thru vaccination facilities is part of our ongoing contribution to the pandemic response effort. Operations in this new site and the one in Solaire continue to be smooth, efficient, and safe.”
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