Bloomberry Resorts Corp., the operator of Solaire Resort and Casino, said it incurred a loss of P8.3 billion for 2020, a reversal of the previous year’s profit of P9.9 billion.
The outbreak of the Covid-19 pandemic shuttered the company’s operations for nearly a year. Its facilities remained closed to the public.
Net revenues fell 62 percent to P17.8 billion from the previous year’s P46.6 billion, as Solaire’s casino has been operating at a limited capacity since June 15 last year, as allowed by regulator Philippine Amusement and Gaming Corp.
PAGCOR suspended all gaming operations under its purview since March 16 to align with the government’s community quarantine initiative.
Solaire’s operations involve only long-stay and select invited guests. It is currently not open to the public and maintains an invite-only policy.
“I am encouraged by our performance in the final quarter of 2020, particularly as we saw domestic mass gaming revenues increase by 75 percent compared to the previous quarter and EBITDA [earnings before interest, taxes, depreciation and amortization] hitting positive territory. 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,” Enrique K. Razon Jr., the company’s chairman and CEO, said.
“Our pre-eminent priority as our recovery progresses remains to be the wellbeing of our guests and team members. This concern has manifested in the form of sanitation and safety investments at Solaire valued at over P400 million for the year, ensuring our position as the leader in excellence, safety and health security among our peers in the Philippines and the region.”
For the fourth quarter alone, the company’s net loss was at P2.5 billion as against a net income of P1.4 billion in the previous year. Net revenues fell 61 percent for the period to P4.2 billion.
Gross gaming revenues, meanwhile, was at P5.3 billion, a 63-percent drop from the previous P14.5 billion.
For the entire year, gaming revenues fell at the same rate at 62 percent to P22.6 billion, from P59.8 billion in 2019.
Revenues from VIP, mass table and electronic gaming machines declined by at least half from year-ago figures.
“We stay true to our intrinsic obligation to help our countrymen as we assist the Philippine government in procuring Oxford-AstraZeneca and Moderna Covid-19 vaccines. Outside of vaccines, the Bloomberry Cultural Foundation Inc., has donated over P850 million worth of medical supplies, relief goods, and health infrastructure funding. We are eager to see a healthy post-pandemic world emerge through our continuing CSR efforts,” Razon said.