Without the benefit of a “one-time, non-cash gain” of PHP2.9 billion (US$49.1 million) from the February refinancing of a PHP40-billion syndicated loan, Philippine casino operator Bloomberry Resorts Corp would have had a net loss of circa PHP2.8 billion for the first nine months this year.
That is according to a Thursday memo from Maybank IBG Research, following the gaming group’s filing on Wednesday of its third-quarter results to the Philippine Stock Exchange.
Bloomberry recorded a third-quarter loss amounting to PHP1.74 billion, compared with PHP472.4 million a year ago, though across the opening nine months it had positive net income of PHP160.1 million. In the first nine months of 2024, the casino group had positive net income of PHP3.50 billion.
Maybank noted that adjusting for the net impact of the one-time, non-cash gain of PHP2.9 billion, Bloomberry’s nine-month 2025 “net loss is PHP2.8 billion, behind our/consensus full-year 2025 forecasts”.
The institution added: “The miss was mainly due to higher-than-expected operating expenses and depreciation.”
The casino 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.
In February this year, Bloomberry said two of its subsidiaries had signed an agreement for a 10-year syndicated refinancing facility worth PHP40.00 billion relating to funding for Solaire Resort North.
Maybank observed that a 40 basis points improvement in Bloomberry’s nine-month gross gaming revenue (GGR) this year, to PHP45.68 billion, was “mainly from the initial contribution of Solaire Resort North, which added PHP13.8 billion in the nine months, from PHP4.8 billion in the first nine months of 2024”.
Though the institution added: “Solaire Entertainment City’s nine-month GGR fell by 22 percent year-on-year to PHP31.9 billion, as it was negatively impacted by lower VIP and electronic gaming machine GGR.”
Maybank noted the flagship’s nine-month GGR in VIP, mass table play and electronic games – at PHP5.85 billion; PHP12.65 billion; and PHP13.42 billion respectively – fell respectively year-on-year by 49.7 percent; 5.1 percent; and 14.4 percent.
The institution further observed that group-wide, “consolidated non-gaming revenues grew by 32 percent year-on-year to [circa] PHP9.4 billion, ahead at 97 percent of our full-year 2025 estimate”.
The growth in non-gaming revenues “was mainly due to the initial contribution of Solaire Resort North, which logged an occupancy rate of 62.6 percent” for the nine months, compared to 33.7 percent in the prior-year period.
“For Solaire Entertainment City, hotel occupancy was steady at 72.6 percent after improving by 8.8 percentage year-on-year to 74.3 percent in third-quarter 2025,” added the bank.
Maybank said Bloomberry’s nine-month consolidated cash operating expenses were up circa “19 percent year-on-year to PHP30.9 billion,” or “94 percent of full-year 2025 forecast”.
The institution added: “Management noted that this includes PHP1.2 billion in operating expenses from its new online gaming platform MegaFUNalo.
“This brought nine-month earnings before interest, taxation, depreciation, and amortisation (excludes interest income) to PHP8.7 billion, down 30 percent year-on-year”, with “EBITDA margin 21.9 percent versus Maybank Investment Bank full-year 2025 estimate of 34.4 percent”.
