Bloomberry swings to Q3 loss as VIP slows

Bloomberry Resorts Corp. posted a consolidated net loss of PHP 1.7 billion for the third quarter of 2025, a sharp decline from the PHP 470.2 million loss in the same period last year, as weak VIP gaming volumes and higher expenses weighed on earnings.

Chairman and CEO Enrique K. Razon Jr. said, “The business environment in the third quarter mirrored that of the first half of 2025,” noting that EBITDA dropped due to continued weakness in international high roller activity and expenses related to the launch of the company’s MegaFUNalo online gaming platform.

He added, “The local market remained strong as evidenced by revenue performance at Solaire North, which focuses on the domestic mass market, with gaming and resort revenues rising by 25% and 58% year-over-year, respectively.”

The company’s consolidated EBITDA for the quarter fell 53% to PHP 1.9 billion from PHP 4.1 billion in the third quarter of 2024.

In the nine-month period ending September 30, 2025, EBITDA declined 30% year-over-year to PHP 8.8 billion, partly affected by last year’s PHP 1.1 billion in pre-operating expenses at Solaire North.

Net income for the first nine months plunged 95% to PHP 160.1 million from PHP 3.5 billion in 2024.

Two one-off items related to the refinancing of a PHP 40 billion syndicated loan facility affected net income: a PHP 175 million gross receipts tax charge and a PHP 2.9 billion non-cash refinancing gain.

Gross gaming revenue (GGR) fell 10% year-on-year to PHP 14.6 billion in the third quarter, although nine-month GGR slightly rose by 0.4% to PHP 45.7 billion.

Mass table games and electronic gaming machines (EGMs) posted 15% combined growth in GGR across Solaire Entertainment City and Solaire North during the first nine months.

Non-gaming revenue in Q3 increased by 21% to PHP 3.3 billion, while year-to-date non-gaming revenue grew 29% to PHP 9.5 billion.

Net revenue dropped 8% to PHP 12.7 billion in Q3 but rose 3% to PHP 39.7 billion for the first nine months.

Cash operating expenses jumped 11% year-over-year to PHP 10.7 billion in Q3 due to higher marketing, cost of sales, and third-party service charges.

MegaFUNalo operations accounted for PHP 684.8 million in expenses during the quarter and PHP 1.2 billion year to date.

Earnings per share (EPS) showed a Q3 loss of PHP 0.165 versus a loss of PHP 0.041 in 2024, while nine-month EPS stood at PHP 0.016, down from PHP 0.308.

Solaire Resort Entertainment City reported a 21% decline in Q3 GGR to PHP 10.0 billion, with drops across all segments.

VIP GGR sank 55% to PHP 1.6 billion on a 34% decline in rolling chip volume and a lower hold rate of 2.25%, compared to 3.30% in 2024.

Mass table GGR fell 14% to PHP 3.9 billion, while EGMs grew 0.5% to PHP 4.5 billion.

Non-gaming revenue at SEC rose 7% to PHP 2.1 billion, but net revenue declined 20% to PHP 8.2 billion.

EBITDA at SEC dropped 66% to PHP 1.2 billion from PHP 3.6 billion in the prior-year quarter.

Solaire Resort North posted PHP 4.6 billion in Q3 GGR, a 25% increase from PHP 3.7 billion in 2024.

VIP rolling chip volume more than doubled to PHP 4.9 billion, reversing a VIP GGR loss of PHP 19 million last year to a gain of PHP 138 million.

Mass table GGR rose 31% to PHP 2.1 billion, and EGM GGR grew 13% to PHP 2.4 billion.

Non-gaming revenue at SN surged 58% to PHP 1.1 billion, while net revenue rose 27% to PHP 4.3 billion.

EBITDA at SN increased 19% to PHP 787.6 million.

Jeju Sun Hotel & Casino in South Korea reported PHP 3.8 million in GGR, recovering from a PHP 7.9 million loss last year.

Non-gaming revenue at Jeju Sun grew 13% to PHP 137.3 million, while net revenue rose 23% to PHP 140.6 million.

The property’s negative EBITDA improved to a loss of PHP 14.6 million from a loss of PHP 71.9 million a year ago.

As of September 30, Bloomberry had PHP 29.0 billion in consolidated cash and cash equivalents and PHP 105.8 billion in outstanding long-term debt from its PHP 72.0 billion and PHP 40.0 billion syndicated loan facilities.

Total equity attributable to parent shareholders stood at PHP 61.7 billion.

Net receivables declined by PHP 1.0 billion since the start of the year to PHP 1.3 billion, with 96% of receivables over 90 days fully provisioned.

Razon noted, “The ramp-up of the MegaFUNalo online gaming platform is progressing, although at a slower pace than anticipated, despite regulatory uncertainties.”

“We are actively enhancing our offerings and plan to launch new content in the coming weeks,” he added.

Bloomberry Resorts operates Solaire Resort Entertainment City and Solaire Resort North in the Philippines, and Jeju Sun Hotel & Casino in South Korea, with plans to expand its digital entertainment business via the MegaFUNalo and Solaire Online platforms.