Philippine casino operator Bloomberry Resorts took a profit beating in the first quarter of 2020, mostly due to a one-fifth decline in VIP gambling action.

Bloomberry, which operates the Solaire Resort & Casino in Manila’s Entertainment City gaming zone, reported net revenue of P9.4b (US$186m) in the three months ending March 31, down 13% from the same period last year. Earnings fell 23% to P3.5b and net profit slid 38% to P1.4b.

Solaire, which was forced to close on March 16 as Manila was ordered into COVID-19 lockdown, reported gross gaming revenue of P12.2b, a 16% year-on-year decline. Contra revenue accounts, aka payments to junket operators, fell 7% to P3.7b as VIPs opted to sit out the pandemic at home.

Solaire’s VIP gambling turnover fell nearly 19% to P150.8b, which pushed VIP revenue down 21% to P4.73b. Mass table drop fell 14.6% to P9.7b but mass hold jumped 5.4 points to 40.5%, leaving mass table revenue basically flat at P3.93b. Slots volume was down 1%, while slots revenue fell 2.2% to P3.55b.