• Net loss P2.6 billion versus P2.6 billion profit in 2024
• EBITDA declines 39 percent to P10.2 billion
• Gross gaming revenue slips 3 percent to P59.8 billion
• Solaire Resort North growth lifts mass gaming 12 percent
• Non-gaming revenue rises 21 percent to P12.9 billion
Bloomberry Resorts Corp. swung to a P2.6 billion net loss in 2025 as weaker high-roller demand and rising costs weighed on profitability, overshadowing steady revenues and growth from its newer casino operations.
This reflects softer VIP gaming activity and a jump in operating costs, partly tied to its online gambling startup, MegaFUNalo.
Total gaming revenues stable, one-time gain
Gross gaming revenue slipped 3 percent to P59.8 billion, while net revenue edged down 1 percent to P52.5 billion, suggesting Bloomberry largely held its ground despite a softer gaming market.
The gambling resort operator of tycoon Enrique Razon Jr. reported earnings before interest, taxes, depreciation, and amortization of P10.2 billion, down 39 percent.
Growth in mass-market gaming, alongside contributions from Solaire Resort North and non-gaming businesses, helped cushion the broader slowdown in VIP play.
The company still posted a net loss despite a P2.9 billion one-time refinancing gain tied to the restructuring of a P40 billion loan facility.
Management’s view
“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,” said tycoon Enrique Razon Jr., the chair and CEO of Bloomberry.
Resort upgrades, cost savings
“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,” Razon said.
“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,” he added.
Expansion, digital push raise costs
Bloomberry said cash operating expenses rose 16 percent to P42.3 billion, reflecting the first full year of operating costs at Solaire Resort North as well as investments in MegaFUNalo.
MegaFUNalo alone accounted for P1.9 billion in operating expenses in 2025.
This includes P723.9 million in the fourth quarter, as the company ramped up online gambling operations.
“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,” Razon said.
VIP slowdown weighs on integrated resorts
Performance diverged across the group’s properties, with weakness concentrated at Solaire Resort Entertainment City, Bloomberry’s flagship Manila property.
The resort generated P41.2 billion in gross gaming revenue, down 23 percent from P53.2 billion as VIP rolling chip volume fell 37 percent. The decline sharply reduced profitability at the property, with EBITDA dropping 59 percent to P7.1 billion.
Solaire North gains traction
In contrast, Solaire Resort North continued to gain traction during its first full year of operations after opening in May 2024.
The property generated P18.5 billion in gross gaming revenue and P3.8 billion in EBITDA, helping lift combined mass table and electronic gaming machine performance across the group’s two Philippine resorts 12 percent higher.
Bloomberry also recorded stronger results from its non-gaming businesses, with revenue rising 21 percent to P12.9 billion, driven by hotels, restaurants, retail, and entertainment across the Solaire properties.
Meanwhile, its South Korea unit Jeju Sun Hotel & Casino recorded minimal gaming activity during the year as the company prepared to sell its casino operations, which was completed this week.
—Edited by Miguel R. Camus
