Bloomberry 1Q2021 EBITDA at P1.4 B, net loss at P781 M

BLOOMBERRY Resorts Corporation, whose subsidiaries own and operate Solaire Resort & Casino (Solaire) and Jeju Sun Hotel & Casino (Jeju Sun), reported unaudited consolidated financial results for the three months ended March 31, 2021.

Enrique Razon Jr., Bloomberry chairman and CEO, said, “Despite the challenges, the company generated solid results in the first three months of 2021 with gaming revenues, EBITDA and the bottom line improving from the previous quarter. Our performance highlights our management team’s commitment to return to profitability as well as the dedication of our team members to creating unparalleled entertainment experiences for our returning guests.”

The company’s first quarter consolidated EBITDA was P1.4 billion, representing a decrease of 59 percent from P3.5 billion in the same quarter last year. Solaire contributed P1.5 billion to consolidated EBITDA, which was off-set by the P65.6 million LBITDA recorded at Jeju Sun. Consolidated EBITDA was meaningfully higher than the P129.3 million recorded in the fourth quarter of 2020.

On a hold-normalized basis, Bloomberry’s consolidated EBITDA for the first quarter was P1.2 billion, P237.1 million lower than the reported consolidated EBITDA of P1.4 billion. Hold-normalized EBITDA in the first quarter would have decreased by 62.5 percent year--over-year.

The company reported consolidated net loss of P780.8 million for the first quarter, representing a reversal from P1.4 billion net profit in the same quarter last year. Net loss improved by 68 percent compared to the P2.5 billion net loss reported in the previous quarter.

Bloomberry reported Basic Earnings per Share (EPS) loss of P0.070, compared to EPS gain of P0.125 in the first quarter of 2020.

For more information, please visit http://www.bloomberry.ph and https:// www.solaireresort.com