Bloomberry profit falls 52% as SEC VIP play weakens

Bloomberry Resorts Corporation’s first-half 2025 net income dropped 52% year-on-year to PHP 1.9 billion as continued weakness in VIP and premium mass gaming at Solaire Resort Entertainment City (SEC) offset strong growth at the newer Solaire Resort North (SN).

Chairman and CEO Enrique K. Razon Jr. described the April-to-June period as “a challenging second quarter” for the group, with softness in SEC’s VIP and premium mass segments dragging consolidated results.

Despite this, he noted that “Solaire North saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter,” contributing to an 18% year-on-year rise in mass gaming and a 37% jump in non-gaming revenue across its two Metro Manila properties.

In the second quarter, Bloomberry’s gross gaming revenue (GGR) fell 1% to PHP 14.3 billion, with SEC’s GGR plunging 27% to PHP 9.8 billion.

VIP rolling chip volume at SEC dropped 46% to PHP 63.9 billion, with a lower hold rate of 2.23% cutting VIP GGR by 62% to PHP 1.4 billion.

Mass table drop at SEC declined 23% to PHP 7.9 billion, though a higher hold rate of 49.2% limited the fall in GGR to 9%.

Electronic gaming machine (EGM) coin-in slid 12% to PHP 81.2 billion, bringing EGM GGR down 16% to PHP 4.5 billion.

In contrast, SN posted a 297% surge in GGR to PHP 4.5 billion, driven by mass table and EGM expansion.

Mass table drop at SN rose to PHP 7.0 billion from PHP 2.3 billion a year earlier, while EGM coin-in quadrupled to PHP 40.1 billion.

Non-gaming revenue at SN climbed to PHP 1.0 billion from PHP 213 million.

Consolidated EBITDA for the second quarter fell 30% to PHP 2.5 billion, weighed by softer SEC volumes and PHP 461 million in operating expenses for the new “MegaFUNalo!” online platform, which was soft-launched in June.

Bloomberry swung to a PHP 1.4 billion net loss for the quarter from a PHP 1.3 billion profit last year, but remained profitable on a first-half basis despite higher costs.

For the January-to-June period, consolidated GGR increased 6% to PHP 31.1 billion, boosted by SN’s PHP 9.1 billion contribution in its first full half-year of operations.

First-half net revenue rose 9% to PHP 27.0 billion, while EBITDA dropped 19% to PHP 6.9 billion due to higher operating expenses, including PHP 509.5 million tied to “MegaFUNalo!”.

Bloomberry ended June with PHP 29.6 billion in cash and PHP 106.1 billion in long-term debt, largely from its PHP 72 billion and PHP 40 billion syndicated refinancing facilities.

Bloomberry, listed on the Philippine Stock Exchange under ticker BLOOM, operates SEC in Parañaque, SN in Quezon City, and Jeju Sun Hotel & Casino in Korea.

SEC, opened in 2013, has historically been the group’s largest revenue contributor, catering to both VIP and mass market players.

SN, a USD 1 billion development, is Quezon City’s first luxury integrated resort, aiming to tap the growing northern Metro Manila market.

While SEC’s VIP segment has faced headwinds from lower rolling volumes and win rates, mass market resilience—especially at SN—has supported overall GGR growth.

Industry analysts note that the Philippine gaming market has been shifting toward mass and premium mass segments amid global VIP softness linked to tighter junket regulations and economic headwinds in key source markets.

Bloomberry’s launch of “MegaFUNalo!” marks its push into online gaming, a space expected to see strong growth, though near-term profitability is weighed by content and platform investments.