Bloomberry returns to positive EBITDA

Bloomberry operates the Solaire Resort & Casino in Manila’s Entertainment City.
Bloomberry operates the Solaire Resort & Casino in Manila’s Entertainment City.

The Philippines casino operator saw a notable improvement in operating revenue for the fourth quarter of 2020.

Philippines.- Casino operator Bloomberry has reported adjusted property EBITDA of PHP129.3bn for the fourth quarter of 2020, compared with a loss of PHP203.7m in the prior quarter.

The company’s last financial report of 2020 shows full-year net revenue of PHP17.8bn, down 62 per cent year-on-year.

For the three months ending December 31, net revenue was PHP4.2bn, down 61 per cent year-on-year.

Gross gaming revenue (GGR) for The Solaire Resort & Casino came in at PHP5.3bn, up 22 per cent, from the preceding quarter.

Bloomberry’s other casino, Jeju Sun, reported gaming revenue of PHP93.1m for the first 81 days of last year, a drop of 84 per cent.

Bloomberry’s chairman and CEO, Enrique K. Razon Jr, said: “We saw domestic mass gaming revenues increase by 75 per cent from the previous quarter and EBITDA hitting positive territory. Our recovery is well underway.

“We look forward to a more meaningful improvement in 2021 should we see further easting of domestic quarantine restrictions and the eventual resumption of travel and tourism across our key markets.”

The Solaire Resort & Casino in Manila’s Entertainment City opened on June 15 after a four-month closure but has only been able to operate under “dry run” conditions. This allows only long-stay and specially invited guests at the casino.

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bloomberry Jeju Sun Solaire