Gross revenue for casino games in the Philippines reached PHP7.44 billion, showing a significant increase of 59.1%. The gross gaming revenue alone experienced a remarkable improvement of 61.9%, totaling PHP7.09 billion.
The majority of the gross revenue came from the Philippines, with only PHP1.2 million generated from non-gaming sources in Korea. Bloomberry, the company operating the Jeju Sun property in Korea, had to close it for the entire quarter.
The PHP7.09 billion in gross gaming revenue was accomplished through PHP152.76 billion worth of stakes. VIP table stakes accounted for the largest portion at PHP107.79 billion, followed by PHP5.96 billion from non-VIP tables and PHP39.00 billion from slots.
Bloomberry’s CEO, Enrique K. Razon, expressed satisfaction with the company’s performance despite the challenges posed by varying quarantine restrictions. He expressed his anticipation for a more stable operating environment and a potential easing of domestic restrictions following the increasing vaccination rate.
After considering adjustments to the PFRS 15 reporting standards and debit account increases, Bloomberry achieved a net revenue of PHP5.14 billion, marking a 59.3% increase. The net gaming revenue also witnessed substantial growth, rising by 65.5% to PHP4.37 billion.
Operating expenses amounted to PHP3.93 billion, reflecting a 21.7% increase compared to the previous year. Additionally, Bloomberry set aside PHP293.6 million for “doubtful accounts”. These factors resulted in an EBITDA of PHP910.1 million, a significant 663.5% increase.
Depreciation and amortization costs reached PHP861.5 million, indicating a slight rise of 2.8%. Interest and foreign exchange losses decreased by 26.1% to PHP1.11 billion. As a result, the net loss for the quarter amounted to PHP1.05 billion, a decrease from the PHP2.54 billion net loss reported in Q3 of 2020.
Razon highlighted Bloomberry’s commitment to contributing to vaccination efforts in the Philippines. He mentioned the establishment of the Solaire-ICTSI Foundation Vaccination Center in partnership with the ICTSI Foundation. The center provides large-scale inoculation services, including ambulatory and drive-thru facilities, adhering to industry-standard health and safety protocols.
Bloomberry has faced multiple lawsuits related to the termination of a contract with Global Gaming Asset Management (GGAM) for managing the Solaire Resort and Casino. The Singapore Court of Appeals recently dismissed GGAM’s appeal seeking a USD$296.6 million damages payment resulting from the contract termination.
In response, GGAM filed a new lawsuit in New York, attempting to hold Razon personally liable for the damages’ cost to expedite payment. This lawsuit revealed further details about Razon’s relationship with an ex-Philippine Stock Exchange (PSE) president, alleging an undisclosed financial connection that hindered GGAM’s chance to sell its stake.
Bloomberry stated that GGAM might still attempt to enforce the payment in the Philippines, where Bloomberry’s assets are located. If this happens, Bloomberry asserts its intention to contest the enforcement based on applicable Philippine law.
