Bloomberry swings to loss as EBITDA falls

Bloomberry Resorts Corp. said audited results for the year ended Dec. 31, 2025, showed weaker VIP and premium mass gaming volumes pulled down earnings, even as Solaire Resort North continued to ramp up and non-gaming revenue rose.

The Philippine-listed casino operator reported gross gaming revenue, or GGR, of PHP 59.8 billion in 2025, down 3% from PHP 61.7 billion in 2024. Consolidated net revenue fell 1% to PHP 52.5 billion from PHP 53.1 billion, while consolidated EBITDA dropped 39% to PHP 10.2 billion from PHP 16.6 billion.

Bloomberry posted a consolidated net loss of PHP 2.6 billion for 2025, reversing from net income of PHP 2.6 billion a year earlier. The company said the 2025 loss was partly offset by a one-time, non-cash refinancing gain of PHP 2.9 billion tied to the refinancing of its PHP 40.0 billion syndicated loan facility.

In the fourth quarter alone, Bloomberry’s GGR fell 13% year over year to PHP 14.1 billion. Consolidated net revenue declined 12% to PHP 12.8 billion, EBITDA fell 67% to PHP 1.3 billion, and net loss widened to PHP 2.8 billion from a net loss of PHP 920.2 million in the fourth quarter of 2024.

Chairman and CEO Enrique K. Razon Jr. said, “2025 was a challenging year, marked by softer inbound tourism and the residual effects of the July 2024 POGO ban, which weighed on revenues across VIP and premium mass. Regulatory uncertainty in the online space also tempered the rollout of our newest digital platform. Bloomberry’s Philippine gaming revenue declined by 3%; however, we outperformed the broader integrated resort market, supported by the continued ramp-up of Solaire Resort North and the resilience of our domestic mass-market business.”

He added, “In response to softer revenues, we introduced gaming and resort enhancements to both Solaire properties as well as implemented expense management measures across our business. Our debt refinancing activites in October 2024 and February 2025 have and continue to contribute cost savings as benchmark rates on our floating-rate loans continue to ease. We anticipate further gains from these initiatives in 2026. In the online segment, we remain confident in the long-term opportunity as we await greater regulatory clarity and continue strengthening the competitiveness and user experience of our digital platforms.”

The company said the year’s revenue pressure came mainly from persistent industry-wide weakness in VIP and premium mass segments, although the continued build-out of Solaire Resort North helped lift the combined performance of mass table games and electronic gaming machines across the two Philippine properties by 12%.

That pressure played out against a changing regulatory backdrop in the Philippines. President Ferdinand R. Marcos Jr. announced a ban on Philippine offshore gaming operators during his July 22, 2024, State of the Nation Address, and Executive Order No. 74 later directed all POGO and IGL operations to cease by Dec. 31, 2024. The ban was then institutionalized through the Anti-POGO Act of 2025, signed on Oct. 29, 2025.

Bloomberry’s non-gaming and other revenue rose 21% to PHP 12.9 billion from PHP 10.7 billion in 2024. In the fourth quarter, non-gaming revenue increased 2% year over year to PHP 3.4 billion.

Contra-revenue accounts in 2025 fell 4% year over year to PHP 13.0 billion. The company said that amount was equivalent to 22% of consolidated GGR, consistent with the level reported in 2024.

Cash operating expenses rose 16% to PHP 42.3 billion in 2025 from PHP 36.5 billion in 2024, reflecting the first full-year impact of Solaire Resort North operations and costs related to MegaFUNalo, Bloomberry’s broad-mass online gaming platform. MegaFUNalo operating expenses totaled PHP 1.9 billion for the full year and PHP 723.9 million in the fourth quarter. Bloomberry said it made no provisions for bad debt in 2025.

For comparison, the company said a one-off item affecting EBITDA in 2024 was Solaire Resort North pre-operating expense of PHP 1.1 billion. It also said notable one-off items affecting net income included a PHP 706.3 million gross receipts tax charge related to the PHP 72.0 billion syndicated refinancing facility in the fourth quarter of 2024, a PHP 175 million gross receipts tax charge in 2025, a PHP 2.9 billion one-time, non-cash refinancing gain linked to the PHP 40.0 billion syndicated refinancing facility in the first quarter of 2025, and a PHP 383.3 million impairment of investment in Aviation Concepts Technical Services Inc.

Basic earnings per share showed a loss of PHP 0.250 in 2025, compared with earnings of PHP 0.242 in 2024. Fourth-quarter EPS showed a loss of PHP 0.265, compared with a loss of PHP 0.086 in the same quarter a year earlier.

Solaire Resort Entertainment

At Solaire Resort Entertainment City (SEC) full-year GGR fell 23% to PHP 41.2 billion from PHP 53.2 billion. Net revenue declined 22% to PHP 34.5 billion from PHP 44.5 billion, non-gaming revenue slipped 2% to PHP 8.2 billion, and EBITDA dropped 59% to PHP 7.1 billion from PHP 17.2 billion.

VIP rolling chip volume for 2025 was PHP 274.8 billion, down 37% from PHP 436.1 billion. Its VIP hold rate was 2.56%, compared with 3.50% in 2024, and VIP GGR fell 54% to PHP 7.0 billion from PHP 15.2 billion.

Mass table drop for the year was PHP 33.2 billion, down 19% from PHP 41.1 billion. The mass table hold rate improved to 49.9% from 42.9%, but mass table GGR still declined 6% to PHP 16.5 billion from PHP 17.6 billion.

SEC’s electronic gaming machine coin-in reached PHP 319.3 billion, down 10% from PHP 356.4 billion. Its EGM hold rate was 5.5% versus 5.7% in 2024, and EGM GGR fell 13% to PHP 17.7 billion from PHP 20.4 billion. Hotel occupancy at the property edged up to 72.7% in 2025 from 71.3% a year earlier.

In the fourth quarter, SEC’s VIP rolling chip volume was PHP 51.1 billion, down 50% from PHP 101.5 billion. Its VIP win rate was 2.33%, down 1.23 percentage points from 3.56%, and VIP GGR dropped 67% to PHP 1.192 billion from PHP 3.615 billion.

SEC’s fourth-quarter mass table drop was PHP 8.122 billion, down 12% from PHP 9.164 billion. The mass tables hold rate improved to 48.0% from 46.8%, while mass tables GGR declined 9% to PHP 3.895 billion from PHP 4.292 billion.

SEC’s fourth-quarter EGM coin-in was PHP 72.702 billion, down 10% from PHP 80.941 billion. The EGM hold rate was 5.8%, essentially flat against 5.8% a year earlier, and EGM GGR fell 9% to PHP 4.242 billion from PHP 4.680 billion. Total fourth-quarter GGR at SEC was PHP 9.329 billion, down 26% from PHP 12.588 billion, while hotel occupancy rose to 72.9% from 67.6%.

Solaire Resort North

At Solaire Resort North (SN) Bloomberry said the property generated GGR of PHP 18.5 billion in 2025, up 120% from PHP 8.4 billion generated during 221 operating days in 2024. The property opened on May 25, 2024.

SN’s 2025 net revenue rose 118% to PHP 17.5 billion from PHP 8.0 billion, and non-gaming revenue climbed 125% to PHP 4.2 billion from PHP 1.9 billion. EBITDA reached PHP 3.8 billion, or PHP 2.5 billion more than the PHP 1.3 billion posted in 2024.

VIP rolling chip volume for 2025 reached PHP 22.7 billion, compared with PHP 6.4 billion in the same period last year. At a VIP hold rate of 4.74%, against 3.99% in 2024, VIP GGR rose to PHP 1.1 billion, up by PHP 824.1 million from PHP 253.3 million.

Mass table drop was PHP 25.5 billion in 2025, up 72% from PHP 14.8 billion. The mass table hold rate improved to 30.3% from 24.7%, and mass table GGR jumped 111% to PHP 7.7 billion from PHP 3.7 billion.

SN’s EGM coin-in rose 125% to PHP 162.2 billion from PHP 72.0 billion. Its EGM hold rate was 6.0%, compared with 6.2% in 2024, and EGM GGR increased 116% to PHP 9.7 billion from PHP 4.5 billion. Hotel occupancy improved to 66.1% in 2025 from 55.9% a year earlier.

In the fourth quarter, SN’s VIP rolling chip volume was PHP 4.665 billion, up 13% from PHP 4.129 billion. Its VIP win rate was 5.58%, down 1.01 percentage points from 6.59%, and VIP GGR slipped 4.4% to PHP 260 million from PHP 272 million.

SN’s fourth-quarter mass table drop was PHP 5.355 billion, down 4% from PHP 6.232 billion. Its mass tables hold rate improved to 33.0% from 24.7%, and mass tables GGR rose 15% to PHP 1.769 billion from PHP 1.541 billion.

SN’s fourth-quarter EGM coin-in increased 35% to PHP 42.487 billion from PHP 31.395 billion. The EGM hold rate improved to 6.5% from 5.7%, EGM GGR climbed 54% to PHP 2.744 billion from PHP 1.788 billion, total GGR rose 33% to PHP 4.773 billion from PHP 3.601 billion, and hotel occupancy advanced to 76.0% from 56.4%.

Jeju Sun Hotel & Casino in South Korea, saw its GGR fall 61% to PHP 17.3 million in 2025 as the property prepared for the divestment of its gaming operations. Following a down payment received in the fourth quarter of 2025, the spin-off and sale of the casino business was completed on March 4, 2026.

Jeju Sun’s non-gaming revenue rose 7% to PHP 502.0 million from PHP 470.0 million. Net revenue increased 1% year over year to PHP 516.3 million, while loss before interest, taxes, depreciation, and amortization improved to PHP 153.8 million from PHP 249.0 million in 2024.

As of Dec. 31, 2025, Bloomberry held consolidated cash and cash equivalents of PHP 26.5 billion. Total outstanding long-term debt stood at PHP 105.4 billion, representing the current and non-current portions of the PHP 72.0 billion and PHP 40.0 billion syndicated refinancing facilities, while total equity attributable to parent shareholders was PHP 59.2 billion.

Net receivables were PHP 1.3 billion as of year-end, down PHP 1.1 billion from the start of the year. Total allowances covered 85% of receivables over 90 days.

Bloomberry, listed on the Philippine Stock Exchange under the symbol BLOOM, said its portfolio includes Solaire Resort Entertainment City and Solaire Resort North in the Philippines, and Jeju Sun Hotel & Casino in South Korea. Beyond its resorts, it operates Solaire Online and MegaFUNalo in the digital gaming segment.