Bloomberry Resorts Corp., the operator of Solaire Resort and Casino, reported losses of P780.8 million in the first quarter, a reversal of last year’s income of P1.4 billion, as its facilities operated at a minimum capacity.
“Despite the challenges, the Company generated solid results in the first three months of 2021 with gaming revenues, EBITDA [earnings before interest, taxes, depreciation and amortization] and the bottom line improving from the previous quarter,” Enrique K. Razon Jr., the company’s chairman and CEO, said.
Razon noted that the company’s performance during the period highlighted the management team’s commitment to return to profitability as well as the dedication of its team members to create “unparalleled entertainment experiences” for its returning guests.
“Unfortunately, Solaire’s momentum, which was fueled by improving domestic patron confidence, has been cut short as it is faced with another closure for the duration of the MECQ [modified enhanced community quarantine]. As expected, the road to recovery is not easy.”
“In the meantime, Bloomberry will carry on with further strengthening services and health security protocols at Solaire in anticipation of restarting operations as soon as allowed by the relevant authorities.”
Gross gaming revenues fell 43 percent to P6.88 billion from the previous year’s P12.21 billion.
Volume of its VIP tables fell 59 percent to P45.52 billion from last year’s P150.82 billion, slots volume declined much less at 32 percent to P40.98 billion from last year’s P54.01 billion, while mass gaming tables was down 36 percent to P7.12 billion from the previous P9.7 billion.
For 88 days in the first quarter, Solaire’s casino was operating at a capacity consistent with a limited dry run as allowed by regulator, Philippine Amusement and Gaming Corp.
Such dry run operations, which involve only long-stay and select invited guests, enable the industry to fine-tune its services in accordance with new normal protocols.
Solaire has been closed to the public since March 29 after Metro Manila and nearby provinces reverted to enhanced community quarantine on March 29, and transitioned to MECQ on April 12.
The non-gaming businesses operated at limited capacity throughout the quarter. The hotel, food and beverage and retail segments have not been accepting guests since March 29.
Its consolidated non-gaming revenue reached P872.9 million for the quarter, representing a decline of 49 percent from the P1.7 billion generated in the same quarter last year. Consolidated non-gaming revenue was higher by 15 percent compared to the fourth quarter of 2020.
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