The Market Monitor Minding the Nation's Business
Bloomberry Resorts Corporation, whose subsidiaries own and operate Solaire Resort Entertainment City, Solaire Resort North , and Jeju Sun Hotel and Casino, reported an increase of 14 percent in its Gross Gaming Revenue (GGR) — from P14.8 billion to P16.8 billion — in the first quarter of 2024.
Based on its unaudited consolidated financial results for the three months ending March 31, 2025, the increase was mainly due to GGR contributed by Solaire Resort North.
Enrique K. Razon Jr., Bloomberry Chairman and CEO, commented, “In the first quarter of 2025, Bloomberry’s Gross Gaming Revenue (GGR) expanded by 14 percent year-over-year. GGR generated by the Mass Tables and Electronic Gaming Machines (EGM) segments across both our Metro Manila properties grew by 29percent, powered by a resilient domestic mass market player base.”
“Solaire North continued to gain ground as GGR across the board increased by 29 percent sequentially, resulting in a P1.1 billion contribution to consolidated EBITDA.
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.”
“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.”
The increase was mainly due to GGR contributed by Solaire Resort North, which is 10 months into its ramp up. The mass market continued to show strength as it recorded a year-over-year increase of 29 percent.
Contra-revenue accounts in the first quarter increased by 11 percent year-over-year to P3.7 billion. This represents 22 percent of consolidated GGR, unchanged from the same quarter last year.
Non-gaming revenue was P3.0 billion, representing an increase of 35 percent from P2.2 billion generated in the first quarter of 2024.
Net revenue was P14.4 billion, representing an increase of 15 percent from P12.5 billion in the same period last year.
Cash operating expenses for the period reached P10.0 billion, higher by 32 percent compared to P7.6 billion in the same quarter last year.
The company made no provisions for bad debt in the first quarter.
Bloomberry recorded net income of P3.3 billion during the quarter, 26 percent higher than the P2.6 billion reported in the first quarter of 2024.
Adjusting for the net impact of the P2.9 billion one-time, non-cash gain resulting from the refinancing of the P40 billion Syndicated Loan Facility last February, net income would have been P445.8 million, lower by 83 percent year-over-year.
Meanwhile, the total GGR at Solaire Resort Entertainment City was P12.1 billion, representing a decline of 18 percent from P14.8 billion in the first quarter of 2024. GGR was negatively impacted by lower volumes and hold rates in the VIP and Electronic Gaming Machine (EGM) segments.
VIP rolling chip volume was P87.7 billion, representing a year-over-year decline of 18 percent.
Non-gaming revenue was P2.0 billion, down 6 percent from P2.1 billion in the first quarter of last year. Net revenue was P10.0 billion, lower by 19 percent compared to P12.4 billion in the same period in 2024.
As of March 31, 2025, Bloomberry had a consolidated cash and cash equivalents balance of P33.5 billion. Total outstanding long-term debt was P106.5 billion, which represents the balance of the current and non-current portions of the P72.0 billion and P40 billion Syndicated Refinancing Facilities.