Solaire gaming revenue up 29% sequentially in Q1 before latest Manila lockdown

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Bloomberry Resorts Corporation saw gross gaming revenue at its flagship Manila integrated resort Solaire rise 29% in the three months to 31 March 2021 when compared to the December quarter, with domestic confidence improving before operations were forcibly suspended again in late March.

Releasing its 1Q21 financial results, Bloomberry revealed a 44% year-on-year in decline GGR to Php6.9 billion (US$144.2 million), although the result was considerably better than the Php5.3 billion (US$110.8 million)in GGR recorded in Q4.

Likewise, Consolidated EBITDA fell 59% year-on-year but improved 10-fold versus 4Q20 to Php1.4 billion (US$29.3 million), while a net loss of Php780.8 million (US$16.3 million) was narrowed from a loss of Php2.5 billion (US$52.2 million) recorded in the final quarter of 2020.

Despite the challenges, the company generated solid results in the first three months of 2021 with gaming revenues, EBITDA and the bottom line improving from the previous quarter, said Bloomberry Chairman and CEO Enrique K. Razon Jr.

Our performance highlights our management teams commitment to return to profitability as well as the dedication of our team members to creating unparalleled entertainment experiences for our returning guests.

Unfortunately, Solaires momentum, which was fueled by improving domestic patron confidence, has been cut short as it is faced with another closure for the duration of the MECQ. As expected, the road to recovery is not easy.

Solaire, which saw 88 days of limited operations in Q1 before quarantine measures were implemented on 29 March to slow another outbreak of COVID-19, recorded a 65% sequential improvement in VIP GGR to Php1.9 billion (US$39.7 million), 27% improvement in mass table to Php2.5 billion (US$52.2 million) and 12% improvement in slots to Php2.4 billion(US$50.2 million). VIP GGR was aided, however, by a high hold rate of 4.26% compared to 2.31% in the fourth quarter of 2020.

Non-gaming revenue of Php872.9 million (US$18.2 million)was 49% lower than in 1Q20 but 15% higher than the December quarter.

Solaire Koreas Jeju Sun reported no gaming revenue with operations having now been suspended for more than a year.