Bloomberry Reports ₱2.5 Billion Net Loss in Q3

Bloomberry Resorts Corp.(BLOOM), operator of Solaire resort and casino, reported a net loss of ₱2.5 billion in the third quarter of 2020. BLOOM reported a net profit of ₱3.9 billion in the same period last year.

Consolidated revenue for the third quarter is reported at ₱3.2 billion, down 76% from ₱13.3 billion for the same period last year.

For the period of January-September, BLOOM reported a net loss of ₱5.9 billion as compared to a net profit of ₱8.6 billion last year.

Consolidated revenue for this period is reported at ₱13.6 billion, down 62% from ₱35.7 billion for the same period last year.

Enrique 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,”

“With these investments — which have reached over P300 million — we hope to maintain our market leadership as well as become the tourism industry’s gold standard of hygiene and sanitation,” Razon added.

As of now Solaire remains closed to the public.

Source: ABS-CBN