World Gaming Insight

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Dry run Manila casino ops give Bloomberry slight GGR kick but can’t prevent US$96 million loss

Bloomberry Resorts Corporation reported a 92% year-on-year decline in net revenue to Php940.9 million (US$19.3 million) in the second quarter, impacted by the ongoing closure of gaming operations in Metro Manila to stop the spread of COVID-19.

The results included a 95% decrease in GGR at Solaire Resort & Casino in Manila’s Entertainment City and zero gaming revenue at Jeju Sun in South Korea.

While Manila casinos have been officially closed since 15 March, we has understood for some time that operators had been granted permission by gaming regulator PAGCOR to run some limited “dry run“ gaming operations.

“In anticipation of the declaration of a more relaxed General Community Quarantine, gaming machines, processes, digital applications (old and new) and other operational systems are being tested,” PAGCOR told us in July.

Solaire stated on Thursday that, “Such dry run operations, which involve only in-house and select invited guests, are a means for Solaire to fine-tune its services in accordance with new normal health and safety protocols. Solaire is currently not open to the public.”

Those dry run operations allowed Solaire to generate GGR of Php686.6 million (US$14.1 million) in 2Q20, of which VIP contributed Php121.7 million (US$2.5 million), mass table games Php303.7 million (US$6.2 million) and electronic gaming machines Php261.1 million (US$5.3 million).

Bloomberry reported an EBITDA loss of Php2.0 billion (US$40.9 million) versus EBITDA of Php5.0 billion (US$102.4 million) in 2Q19, and a consolidated net loss of Php4.7 billion (US$96.2 million) compared to a net profit of Php2.5 billion (US$51.2 million) in the second quarter of 2019.

“Bloomberry is not exempt from the seismic impact of the COVID-19 pandemic on global tourism and the gaming entertainment industry,” said Chairman and CEO Enrique Razon Jr.

“During this difficult time, our top priorities are to weather the impact of this virus and to maintain the health and safety of our team members and guests.

“While we are uncertain of the pace of business recovery, we will push forward with our key capital project, Solaire North, as we believe that its opening will coincide with a meaningful upcycle that is typical after a period of economic weakness. We look to emerge from this crisis as a much stronger company.”

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