Bloomberry swings to net loss in Q2
Earnings of Bloomberry Resorts Corp. swung to a net loss in the second quarter, as the coronavirus disease 2019 (COVID-19) pandemic impacted business operations.
In a regulatory filing, the Solaire operator reported a P4.7-billion net loss in the second quarter, a reversal of the P2.5-billion net profit in the second quarter.
Revenues for the quarter fell 92% to P940.9 million, while gross gaming revenue (GGR) declined by 95% to P686.6 million.
"Bloomberry is not exempt from the seismic impact of the COVID-19 pandemic on global tourism and the gaming entertainment industry," said chairman and chief executive officer Enrique Razon.
"During this difficult time, our top priorities are to weather the impact of this virus and to maintain the health and safety of our team members and guests," he added.
To recall, the strictest quarantine measures under the enhanced community quarantine (ECQ) were imposed in Metro Manila and other "high-risk" areas from March 17 to May 15, followed by a modified enhanced community quarantine (MECQ) until May 31. Casinos have yet to be allowed to resume operations.
The company is the owner and operator of Solaire Resort & Casino, and has marketing presence in Korea, Macau, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Taiwan, and Japan.
The latest figures brought Bloomberry's first-half net loss to P3.3-billion, a reversal of the P4.7-billion net profit in the same six months of 2019.
Moving forward, Bloomberry expressed optimism to recover from the pandemic, and will push through with its hub in Quezon City.
"While we are uncertain of the pace of business recovery, we will push forward with our key capital project, Solaire North, as we believe that its opening will coincide with a meaningful upcycle that is typical after a period of economic weakness," he said.
"We look to emerge from this crisis as a much stronger company," he added.
Subsidiaries of Bloomberry include Sureste Properties Inc. (SPI); Bloomberry Resorts and Hotels Inc.; Bloomberry Cruise Terminals Inc.; Solaire Korea Co. Ltd. and its subsidiaries Golden & Luxury Co. Ltd., which owns, and has a gaming license to operate Jeju Sun Hotel & Casino, and Muui Agricultural Corporation; and Bloom Capital B.V. which owns Solaire de Argentina S.A. —AOL, GMA News