Bloomberry Resorts Corp., the developer of the Solaire Resort and Casino, posted a net loss of P2.5 billion in the fourth quarter, reversing a net profit of P1.4 billion the previous year.
Bloomberry chairman and CEO Enrique K. Razon Jr., on the other hand, was pleased with the company’s fourth-quarter results.
“I am encouraged by our results in the fourth quarter of 2020, especially since domestic mass gaming sales increased by 75% over the previous quarter, and EBITDA (earnings before interest, taxation, depreciation, and amortization) was positive. Mr. Razon sent a tweet on Monday saying, “Our recovery is well underway.”
Solaire’s gross gaming revenue (GGR) decreased by 63 percent year over year to P5.3 billion from P14.5 billion in the third quarter. However, this is a 22 percent increase over the previous quarter’s GGR of P4.4 billion.
Revenues from mass tables fell by 55% year over year to P2 billion, but they outperformed the previous quarter by 78 percent. Revenues from electronic gaming machines (EGMs) totaled P2.2 billion, down 52 percent from the same time of 2019, but up 73 percent from the third quarter of 2020.
In the fourth quarter, VIP gaming sales totaled P1.2 billion, down 78 percent year over year.
Net gaming revenues fell by 61 percent to P3.4 billion in the quarter, while non-gaming revenues fell by 65 percent to P761.3 million, compared to the same time last year.
The company’s consolidated net sales for the period was P4.2 billion, down 61% from the previous year.
The company’s EBITDA for the quarter was P129.3 million, down 97 percent year on year but a reversal of the previous quarter’s loss of P203.7 million.
The group recorded a net loss of P8.31 billion attributable to parent firm stock investors for the full year 2020, compared to a net profit of P9.92 billion in 2019.
Total sales for 2020 fell 61.9 percent to P17.66 billion, down from P46.34 billion the year before.
Bloomberry’s Jeju Sun Hotel & Casino in Korea has had a lower sales year than anticipated.
After being closed after March 21, 2020, gaming sales dropped by 83.8 percent to P93.1 million from P573.1 million. Non-gaming sales, on the other hand, fell by 80% year on year to P25.9 million.
The management of Jeju Sun has suspended the resumption of operations due to the absence of international visitors on Jeju Island.
“If we see a relaxation of domestic quarantine constraints and the subsequent resumption of travel and tourism in our main markets in 2021, we look forward to a more positive improvement,” Mr. Razon said.
“As our healing continues, our top goal will continue to be the safety and well-being of our visitors and staff members. This concern has expressed itself at Solaire in the form of over P400 million in sanitation and protection investments for the year, ensuring our status as the leader in excellence, protection, and health protection among our peers in the Philippines and the region,” he added.
Bloomberry and its partner, International Container Terminal Services, Inc., have purchased three million doses of the Oxford-AstraZeneca coronavirus disease 2019 (COVID-19) vaccine, with at least half going to the Philippine government.
In addition, the two are in advanced procurement talks for 20 million doses of the Moderna vaccine.
“As we assist the Philippine Government in procuring Oxford-AstraZeneca and Moderna COVID-19 vaccines, we remain true to our inherent duty to serve our countrymen,” Mr. Razon said.
“In addition to vaccination, the Bloomberry Cultural Foundation, Inc. has provided over P850 million in medical materials, relief products, and support for health infrastructure. Via our ongoing CSR endeavors, we want to see a stable post-pandemic environment emerge,” Mr. Razon continued.
Bloomberry Resorts Corp.’s stock fell 0.64 percent on Monday, to P7.80 per share from P7.85.