Bloomberry Resorts Corp, operator of Manila’s Solaire Resort & Casino, recorded a net loss of Php8.3 billion (US$170.3 million) in 2020, impacted by border restrictions and capacity limits due to COVID-19.
But there was considerable improvement on a sequential basis in 4Q20, with mass gaming leading the company’s recovery and EBITDA back to positive for the first time since Q1.
GGR at Solaire through the December quarter fell 63% year-on-year to Php5.3 billion (US$108.8 million), however the figure represented a 22% improvement over Q3 “as domestic patron confidence improved and quarantine restrictions were mildly eased in October,” according to Bloomberry.
Mass table GGR of Php2.0 billion (US$41.0 million) was down 55% year-on-year but 78% higher than in 3Q20, while EGM GGR fell 52% year-on-year but grew 73% sequentially to Php2.2 billion (US$45.1 million).
Conversely, VIP GGR fell 78% year-on-year and was also down 41% sequentially to Php1.2 billion (US$24.6 million) due to international travel restrictions enforced throughout the period.
4Q20 consolidated EBITDA was Php129.3 million (US$2.7 million), down 97% year-over-year but reversed a consolidated EBITDA loss of Php203.7 million (US$4.1 million) in the previous quarter.
Bloomberry’s Korean casino Jeju Sun, which has been closed since March, reported gaming revenue of Php93.1 million (US$1.9 million) in the first 81 days of 2020, representing a decrease of 84% from Php573.1 million (US$11.8 million) in 2019.
For FY20, GGR at Solaire fell 62% to Php22.6 billion (US$463.9 million), with VIP falling 69% to Php8.0 billion (US$164.2 million), mass table by 56% to Php7.3 billion (US$149.8 million) and EGM by 57% to Php7.2 billion (US$147.8 million). Consolidated EBITDA fell 93% compared with 2019 to Php1.4 billion (US$28.7 million).
“I am encouraged by our performance in the final quarter of 2020, particularly as we saw domestic mass gaming revenues increase by 75% compared to the previous quarter and EBITDA hitting positive territory,” said Bloomberry Chairman and CEO, Enrique K Razon Jr.
“Our recovery is well underway. We look forward to a more meaningful improvement in 2021 should we see further easing of domestic quarantine restrictions and the eventual resumption of travel and tourism across our key markets.”
Solaire remains closed to the public and maintains an invite-only policy, Bloomberry added.
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