Bloomberry reports US$51m loss in Q3

Bloomberry reports US$51m loss in Q3

The company’s operations were impacted by Covid-19 measures but it is the only firm authorised so far to take online bets in the Philippines.

Philippines.- Casino operator Bloomberry has reported a Php2.5bn (US$51.6m) net loss for the third quarter, down from a net profit of Php3.9bn (US$80.5m) in the same quarter last year.

Consolidated net revenue for the period was Php3.2bn (US$66.11m), 76 per cent less than in the previous year.

In this quarter Bloomberry’s operations were hampered by the return of the modified enhanced community quarantine (MECQ) measures from August 4 to August 19.

Enrique K. Razon, Jr., Bloomberry chairman and CEO, said: “Our third quarter results reflect the difficult business environment brought about by the pandemic, which has negatively impacted international travel and overall demand for leisure and gaming entertainment services. In the near term, we hope to see a recovery as domestic quarantine restrictions are eased further.”

Solaire casino continues to operate on a dry run for long-stay guests only. Gross gaming revenues reached Php4.4 billion (US$90.9 million) in Q3, which was a 74 per cent decrease year-on-year.

Operations at the operator’s other major casino resort, Jeju Sun, remain suspended since March 21. For the first nine months of the year, total gaming revenue at Jeju Sun was Php93.1 million (US$1.9 million), down 81 per cent.

For the first nine months of 2020, the operator reported net revenues of Php13.6 billion (US$280.9 million), 62 per cent below the same nine months in 2019. Losses amounted to Php5.9 billion (US$121.8 million).

The operator has become the only company so far authorised to implement online bets from known customers in the Philippines.

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