BLOOMBERRY RESORTS CORP. posted a P4.7-billion loss in the second quarter, reversing its P2.46-billion net profit attributable to equity holders a year ago, as its gaming operations remained suspended.
In a disclosure to the stock exchange on Thursday, the listed operator of Solaire Resort & Casino recorded a 92% decline in consolidated revenues to P940.9 million, compared with the P11.6 billion it earned in the same quarter in 2019. This brought its first-semester net revenues down by more than half to P10.4 billion.
It shed P3.3 billion between January and June, compared with a profit of P4.7 billion in the same period a year ago.
The Razon-led firm recorded a 97% decline year on year in consolidated gaming revenues to P327.7 million in the April-June period, or 96% lower compared with the previous quarter. This brought its earnings in the first six months of the year down 57% to P8 billion.
Solaire’s gross gaming revenues decreased by 95% in the second quarter to P686.6 million. It earned P121.7 million from its VIP gaming tables, lower by 98%, while its mass tables and slot machines booked P303.7 million and P261.1 million in revenues, respectively.
The government allowed limited dry-run gaming operations at Solaire starting June 15 when Metro Manila was placed under general community quarantine. Select invited guests were accommodated during the period. Still, the integrated resort is still not open to the public.
Solaire Korea’s Jeju Sun Hotel & Casino did not earn from gaming operations in the quarter as its business remained suspended since March 21. Its first-half earnings plunged by 76% to 93.1 million.
Bloomberry’s other business segments, including food and retail, recorded a 69% drop in combined revenues to P613.2 million in the April-June period, pulling down its first-semester figure to P2.3 billion.
Solaire’s non-gaming revenue went down 69% to P610.6 million in the quarter. It noted a hotel occupancy rate of 14.5%, compared with 89.4% a year ago and 67.4% in the first three months of 2020.
Non-gaming business at Jeju Sun earned P2.6 million or a decrease of 89%.
Limited operations in both Solaire and Jeju Sun led the company to further cut its cash expenses in the second quarter to P2.7 billion, or lower by 54% compared with P5.8 billion in the first quarter.
Weathering the pandemic’s impact and securing the health and safety of its employees and guests remained as the company’s top priorities around this time, said Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr.
The company official said the Solaire North project, which is set to be its second integrated resort in the Philippines, is still pushing through, believing that its launch “will coincide with a meaningful upcycle that is typical after a period of economic weakness.”
“We look to emerge from this crisis as a much stronger company,” Mr. Razon added.
On Thursday, shares in Bloomberry decreased by 2.38% to close at P6.15 each. — Adam J. Ang
