Bloomberry Resorts Corporation’s chairman Enrique Razon Jr has today spoken out about the current state of affairs and operations of business during the current and ongoing Covid-19 pandemic and stated that 2020 is a write off, but does not have any concerns about cash during this unprecedented time.
Bloomberry Resorts Corporation is a holding company in the Philippines registered with the Securities and Exchange Commission engaged in amusement, tourist facilities, gaming, and hotel businesses. The company currently owns and operates Solaire Resort & Casino, a resort and casino in Entertainment City, a massive complex built along the Bay City area of Parañaque, in Metro Manila, Philippines.
Enrique Razon Jr is a Filipino billionaire and the chairman and CEO of the Manila-listed company International Container Terminal Services. The 60 year old businessman stated in an interview this week with Bloomberg TV that he had low expectations for activity this year but said that the company was in a good position to ride the storm.
Razon Jr said:
“Of course when you are closed there is no cash flow really, although we have long term guests in the hotel who are staying put here, but the cash in the group is pretty healthy. Of course this year, you can write it off, but there really are no concerns there. I think people are profoundly impacted by the virus and the lockdowns, having to focus just on buying food, spending their money. The government has to give people cash.”
Razon Jr elaborated on what the future holds and where the priorities lie along with recovery expectations:
“I think people will come out of this and the savings rate is going to dramatically increase, so I don’t think consumer spending is going to recover that quickly. The whole thing is unprecedented so we’re not even calculating that. I think more important are the concerns of the people, feeding the people. The concerns of the business community are secondary at this point. The main thing is just to keep the economy flowing, goods flowing, get the infection rate down and we’ll see about lifting the lockdown. Lifting lockdowns in this environment is going to be very tricky. There has to be a plan, it’s not just one day to the next, so I think a lot of people are under-estimating what this is going to take.”
Solaire Resort & Casino is currently closed as a preventative measure issued by PAGCOR to stop the spread of Covid-19. The closure period was initially until the 12th April 2020 but has since been extended to 30th April. It is not yet clear whether there will be a further extension in the region.