The Philippines – A casino and resort operator in Manila Bay, Philippines has today spoke about the hopes of a swift recovery in gaming revenue following the news that the firm has had a flat start to the year and looked to reduce the forecast for the first quarter of 2020 by around fifteen percent.
Bloomberry Resorts Corporation; a holding company in the Philippines registered with the Securities and Exchange Commission, operates the Solaire Resort and Casino; a resort and casino in Entertainment City, a massive complex built along the Bay City area of Parañaque.
Bloomberry’s chairman and chief executive Enrique Razon said:
“The company also mentioned that it still has stranded Chinese and Korean patrons staying within the casino, with its hotel occupancy rate currently at around approximately 75 percent versus the usual 90 percent to 92 percent. While the Covid-19 outbreak poses limited near-term earnings visibility, we keep our constructive long-term view on Bloomberry.”
Razon elaborated on his hopes for the near future:
“We believe the company’s healthy fundamentals and sustained leadership position … in the Philippine gaming industry should help it recover swiftly once Covid-19 concerns dissipate.”
Despite rises in net profit for the fourth quarter and entire year of 2019 – up by almost forty percent – of last year, it is not yet clear what impact the coronavirus will have had on Republic of the Philippines, which shares maritime borders with Taiwan, Japan, Vietnam and China.
As of today, the Philippines also made headlines as officials in the country have launched a challenge in the Supreme Court against president Rodrigo Duterte for looking to scrap a long-standing defence agreement with the United States.