Bloomberry reveals sequential revenue, EBITDA declines in 2Q21 on Solaire COVID restrictions

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Philippines gaming operator Bloomberry Resorts Corporation has reported an 18% decline in 2Q21 revenues and 29% fall in Consolidated EBITDA compared with the March quarter, impacted by the suspension of most gaming operations for 44 days in April and May.

According to the companys financial results, published Tuesday, gross gaming revenue for the period fell from Php6.9 billion (US$138.4 million) in Q1 to Php5.7 billion (US$114.3 million) in Q2, while EBITDA fell from Php1.4 billion (US$28.1 million) to Php1.0 billion (US$20.1 million).

Both results were, however, considerably stronger than 2Q20, when GGR reached just Php687 million (US$13.8 million) with an EBITDA loss of Php2.0 billion (US$40.1 million).

The 2Q21 result included EBITDA of Php1.1 billion (US$22.1 million) at Bloomberrys Philippines flagship, Solaire, offset by a Php84.4 million (US$1.7 million) EBITDA loss at its Korean casino, Jeju Sun.

Group-wide net loss for the quarter was Php1.2 billion (US$24.1 million).

In terms of gaming performance, Bloomberry reported a 40% quarter-on-quarter decline in Solaires VIP GGR to Php1.2 billion (US$24.1 million) and a 31% fall in EGM GGR to Php2.8 billion (US$56.2 million), although mass table GGR increased by 13% to Php1.4 billion (US$28.1 million). Jeju Sun reported no casino revenue due to gaming operations being suspended since March 2020.

Consolidated non-gaming revenue across both properties grew 7% year-on-year but was down 25% sequentially to Php657 million (US$13.2 million), of which Solaire contributed Php655.9 million (US$13.1 million). Hotel occupancy at Solaire was just 14.9% compared with 21.5% in the March quarter.

Bloomberry generated respectable results during the quarter despite having virtually no gaming operations between April and mid-May, said Chairman and CEO Enrique K Razon Jr.

Consolidated EBITDA reached Php1.0 billion in the second quarter as we benefited from high hold rates at Solaire and realized savings from our continuous group-wide cost optimization efforts.

As the pandemic continues to evolve, we hope to see more of our countrymen get vaccinated and build the much-needed immunity against the virus.

Solaire is doing its part through the Solaire-ICTSI Vaccination Center which has so far administered close to 32,000 shots since it opened on 28 June 2021. I am pleased to report that all rostered team members at Solaire have received both doses of the vaccine and will be considered fully protected by mid-August.