Bloomberry net revenue down 13% in Q1

Operator’s consolidated net revenue in Q1 was P9.4 billion with the loss attributed to the impact of Covid-19.

Philippines.- Bloomberry Resorts Corporation has seen net revenue decline 13 per cent in the first quarter of the year due in part to the impact of the Covid-19 pandemic.

Bloomberry’s consolidated net revenue in Q1 was P9.4 billion. Consolidated net revenue dropped 14 per cent compared 4Q19.

The Philippines has been on lockdown for several months now, with access to land-based casinos prohibited. This has negatively hit Bloomberry’s flagship casino, Solaire Resort.

Bloomberry chair and CEO, Enrique K. Razon Jr. said: “Our first-quarter results have been significantly impacted by the Covid-19 pandemic.

“Global economic activity and tourism have drastically slowed while the Philippine Government’s Enhanced Community Quarantine has resulted in the temporary suspension of Solaire’s gaming operations.

“We look forward to restart the gaming segment soon after the quarantine is lifted. We anticipate a slow recovery as our patrons, customers, and employees adjust to the ‘new normal’.

“For now, our team members are undergoing regular testing as part of a comprehensive plan to maintain safe working and recreational environments at Solaire.

“At Solaire, we plan to meet and exceed the acceptable local safety standards. Our stringent regimen of safety measures will be world-class examples of the safe re-opening of entertainment venues and of kickstarting the local economy to return the livelihoods of our communities.

“We will have clear, effective, comforting and consistently implemented protocols that will instil a true sense of safety and security for all,” he added.