Bloomberry Posts PHP3.3B Profit on Refinancing Gain

Bloomberry Resorts Corp. posted a net income of PHP3.3 billion in the first quarter of 2025, up 26% from PHP2.6 billion year-over-year, driven by a one-time refinancing gain.

The company reported a PHP2.9 billion non-cash gain from refinancing its PHP40 billion syndicated loan in February.

Excluding this one-off item, adjusted net income was PHP445.8 million, down 83% from the same quarter in 2024.

Gross gaming revenue (GGR) rose 14% to PHP16.8 billion from PHP14.8 billion, fueled by strong performance at the newly opened Solaire Resort North (SN).

“Our work over the past couple of years has placed Cebu Pacific in a position to take advantage of the Philippine growth story, and we are confident that our airline will continue to reach new highs—thanks to the outstanding work of our organization, other stakeholders and your unwavering support,” Gokongwei said.

Bloomberry Chairman and CEO Enrique K. Razon Jr. said, “In the first quarter of 2025, Bloomberry’s Gross Gaming Revenue expanded by 14% year-over-year.”

“GGR generated by the Mass Tables and Electronic Gaming Machines segments across both our Metro Manila properties grew by 29%, powered by a resilient domestic mass market player base,” he added.

Solaire Resort North, which opened in mid-2024, continued its ramp-up and contributed PHP1.1 billion to consolidated EBITDA, with total GGR of PHP4.6 billion in the quarter.

“Solaire North continued to gain ground as GGR across the board increased by 29% sequentially, resulting in a PHP1.1 billion contribution to consolidated EBITDA,” Razon said.

“However, Solaire Entertainment City’s year-over-year results were impacted by softness in gaming volumes arising from slow VIP play and the POGO ban.”

The company posted consolidated EBITDA of PHP4.4 billion, down 11% from PHP4.9 billion in the first quarter of 2024.

Net revenue increased 15% year-over-year to PHP14.4 billion, while non-gaming revenue surged 35% to PHP3 billion.

Cash operating expenses rose 32% to PHP10 billion due to the addition of SN, which was still under construction during the same quarter last year.

At Solaire Resort Entertainment City (SEC), GGR declined 18% year-over-year to PHP12.1 billion due to lower VIP and EGM volumes and hold rates.

VIP rolling chip volume at SEC dropped 18% to PHP87.7 billion, with a lower hold rate of 3.19% resulting in a 34% decline in VIP GGR to PHP2.8 billion.

Mass table drop declined 23% to PHP8.5 billion, but GGR rose 7% to PHP4.9 billion on a significantly higher hold rate of 57.7%.

EGM coin-in dropped 10% to PHP87.8 billion, with GGR down 25% at PHP4.4 billion.

SEC generated EBITDA of PHP3.4 billion, down 35% from PHP5.3 billion last year.

Meanwhile, SN reported PHP2 billion in mass table GGR, PHP2.2 billion in EGM GGR and PHP472.2 million in VIP GGR.

SN’s non-gaming revenue totaled PHP913.7 million, supporting its total EBITDA of PHP1.1 billion.

Jeju Sun Hotel & Casino in Korea reported GGR of PHP3.7 million, down from PHP15.6 million last year, while LBITDA widened slightly to PHP59.8 million.

As of March 31, 2025, Bloomberry had PHP33.5 billion in cash and cash equivalents and PHP106.5 billion in outstanding long-term debt.

Equity attributable to parent company shareholders stood at PHP64.4 billion.

Razon concluded, “We are fully committed to pushing the performance of both of our resort businesses and Solaire Online even as we are focused on ramping our new online product which will be launching in the coming weeks.”