A six-fold sequential increase in gross gaming revenue couldn’t stop Bloomberry Resorts Corporation from booking a Php2.5 billion (US$52 million) loss in the three months to 30 September 2020 as restrictions on operating capacity due to COVID-19 continued to bite.
The 3Q20 result almost halved the Php4.7 billion (US$96.2 million) loss reported in the previous quarter but was a long way from the net profit of Php3.9 billion (US$80.9 million) Bloomberry recorded in the third quarter of 2019.
Still, there was considerable improvement on the gaming floor at flagship Manila property Solaire Resort & Casino where GGR increased from just Php686.6 million (US$14.1 million) in 2Q20 to Php4.4 billion (US$91.3 million).
Philippines gaming regulator PAGCOR granted permission in June for Manila’s four integrated resorts to start dry run casino operations as a “test run” for reopening, then in late August allowed for a partial opening at 30% capacity. Solaire was closed for two weeks in August, however, when Manila briefly returned to stricter quarantine measures as a result of the virus.
Solaire’s VIP, mass table, and EGM GGR in the third quarter were Php2.0 billion, Php1.1 billion and Php1.3 billion, representing year-over-year declines of 77%, 73% and 71% respectively. For the first nine months of 2020 combined those declines were 67%, 56% and 59%.
There was no quarterly revenue at Bloomberry’s Korean casino, Jeju Sun, which has been closed since March.
Group-wide EBITDA was a loss of Php203.7 million compared with a loss of Php2.0 billion (US$40.9 million) in the second quarter and positive EBITDA of Php6.4 billion in 3Q19.
“Our third quarter results reflect the difficult business environment brought about by the pandemic, which has negatively impacted international travel and overall demand for leisure and gaming entertainment services,” said Bloomberry Chairman and CEO Enrique K Razon Jr.
“In the near term, we hope to see a recovery as domestic quarantine restrictions are eased further.”