Philippine casino operator Bloomberry Resorts Corp reported a net loss of nearly PHP1.41 billion (US$24.8 million) for the three months to June 30, compared to a net profit of PHP1.34 billion in the prior-year period, according to a Wednesday filing.
The company recorded consolidated revenue of PHP12.64 billion in the April to June period, a 3.6-percent increase from a year earlier.
Second-quarter earnings before interest, taxation, depreciation, and amortisation (EBITDA) fell by 30.2 percent year-on-year, to just under PHP2.54 billion.
The group’s first and flagship property is Solaire Resort & Casino at Entertainment City in the Philippine capital. In May last year, the group launched its US$1.0-billion Solaire Resort North complex (pictured) in Quezon City, outside Metro Manila.
The company also runs a small casino hotel – Jeju Sun – on the holiday island of Jeju in South Korea.
The group’s cash operating expenses in the second quarter reached PHP10.16 billion, higher by 17.5 percent from a year ago.
The firm said such increase was due to the recognition of a full quarter of operating costs at Solaire Resort North, compared to only 37 days in the second quarter of 2024, as well as PHP461.0 million of operating expenses related with the group’s online gaming platform, “MegaFUNalo”, launched in June this year.
Enrique Razon, company chairman and chief executive, was cited as saying in the filing to the Philippine Stock Exchange: “It was a challenging second quarter for Bloomberry as softness persisted in Solaire Entertainment City’s VIP and premium mass segments. However, Solaire North saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter.”
He added: “The gains in our second property contributed to the performance of our Metro Manila mass gaming and non-gaming revenue which rose 18 percent and 37 percent year-over-year, respectively.”
Group-wide gross gaming revenue (GGR) in the second quarter of 2025 fell by 1.3 percent year-on-year, to PHP14.28 billion.
Entertainment City weakness
In the second quarter, VIP rolling chip volume in the Philippine operations posted a decline of 42.2 percent year-on-year, to nearly PHP68.17 billion. Mass-table drop and slot coin-in grew by 19.2 percent and 17.8 percent from a year earlier, respectively, to PHP14.88 billion and PHP121.25 billion.
Non-gaming revenue stood at PHP3.15 billion in the reporting quarter, an increase of 37.3 percent from a year earlier.
At Solaire in Entertainment City, GGR stood at about PHP8.57 billion in the three months to June 30, down 29.8 percent from a year earlier. VIP rolling chip volume, mass table drop and slot coin-in posted a year-on-year decline of 45.8 percent, 23.2 percent and 12.3 percent, respectively.
VIP revenue was PHP1.42 billion for the reporting period, representing a decrease of 61.9 percent from a year ago, “as a result of lower VIP rolling chip volume and hold rate,” stated the company.
“The VIP hold rate was 2.23 percent, lower than the 3.17 percent last year and the normal hold of 2.85 percent,” the firm added.
The property’s EBITDA was PHP3.44 billion, down from PHP4.38 billion in the prior-year period.
In second-quarter 2025, Solaire Resort North “ramp-up continued on the back of strong growth from the mass table and slots segments,” said the property’s promoter.
Second quarter mass table drop and slots coin-in rose by 211.9 percent and 286.2 percent, when compared to volumes generated over the May 25 to June 30, 2024. Mass table gaming revenue and slot revenue increased by 269.9 percent and 285.7 percent, respectively.
In the April to June period, Solaire Resort North reported PHP207.0 million of VIP revenue, down 56.1 percent from the preceding quarter.
There is no year-on-year comparison for VIP table games, as the segment at Solaire Resort North only commenced operations in the third quarter of 2024.
Bloomberry also said it will continue scaling operations at its “MegaFUNalo” platform. MegaFUNalo features free-to-play games, live shows, and real-money prizes, as well as free-to-watch movies. It offers digital versions of slot and casino games such as poker, blackjack, roulette, and baccarat, as well as several arcade games.
Mr Razon said in Wednesday’s filing: “In the coming months, we will introduce more content and enhancements to the platform that will strengthen its competitiveness.”
