Bloomberry suffers smaller loss in 2021 (Sabong News)

Bloomberry Resorts Corporation, whose subsidiaries own and operate Solaire Resort & Casino and Jeju Sun Hotel & Casino (Jeju Sun), reported audited consolidated net loss of P4.2 billion for 2021, an improvement compared to net loss of P8.3 billion in 2020. In a disclosure to the Philippine Stock Exchange, the firm said consolidated net revenue in 2021 was P22.0 billion, representing an increase of 24 percent from P17.8 billion in 2020. Jeju Sun managed to reduce its payroll expenses. Total subsidy received from the Korean government amounted to USD2.1 million or P105.1 million in 2021. “The year 2021 demonstrated the resilience of our business amidst a pandemic characterized by a slowly recovering economy and the absence of tourism,” said Bloomberry Chairman and CEO Enrique K. Razon Jr. He noted that, “Compared to 2020, it was a better year for Bloomberry as it was propped up by the domestic patronage which grew our mass gaming revenues by 43 percent and EBITDA by 265 percent.” “While we look forward to better days ahead, we remain equipped to operate under challenging circumstances if they materialize,” he added. Solaire’s casino has been operating at a limited capacity consistent with the guidelines provided by PAGCOR. Throughout the year, Solaire maintained its invite-only policy for its gaming patrons. In 2021, total gross gaming revenues (GGR) at Solaire was P27.6 billion, representing an increase of 22 percent from P22.6 billion in 2020. Solaire’s VIP GGR was P6.7 billion, lower by 16 percent year-on-year, while Mass table and electronic gaming machine GGR were P11.3 billion and P9.5 billion, representing year-over-year increase of 54 percent and 32 percent, respectively. Jeju Sun reported no gaming revenue as it remained closed throughout the year. In 2021, the company continued to operate the hotel, F&B, and retail businesses at Solaire at allowed capacities in line with the IATF guidelines. The Company reported consolidated non-gaming revenues of P3.3 billion for 2021, representing a decline of 11 percent from the P3.7 billion generated in the previous year. Hotel occupancy in 2021 was 19.2 p ercent, compared to 30.2 percent in 2020. At Jeju Sun, non-gaming revenue in 2021 declined by 93 percent year-over-year to P1.8 million.