Bloomberry Resorts Corp. is intensifying cost-cutting efforts after softer VIP gaming demand and cautious premium mass spending pushed the gaming group into a first quarter loss.
The casino operator led by tycoon Enrique Razon Jr. posted a net loss of P125 million, reversing from a P3.3-billion profit a year earlier, as weaker gaming volumes at Solaire Entertainment City offset gains from debt refinancing savings and improving operations at Solaire North.
Gross gaming revenue fell 13 percent to P14.7 billion, while EBITDA declined 32 percent to P3 billion as high-spending players remained subdued amid a weaker operating environment.
Management’s view
Razon said the first quarter loss was significantly narrower than losses reported in the previous three quarters, signaling early signs that cost controls and refinancing initiatives are softening the downturn.
“It is encouraging to see a sequential reduction and only a marginal year-over-year increase in operating expenses as our cost discipline initiatives begin to take effect,” he said.
“We recognize that the evolving geopolitical situation in the Middle East is contributing to rising cost pressures across the operating environment; in response, we will intensify our cost cutting efforts to manage through the volatility,” he added.
Online strategy revamp
Bloomberry soft-launched the broad-market MegaFUNalo! platform in June 2025 before rolling out the in-house FUNaloMax platform in April 6, 2026, its latest quarterly report showed.
MegaFUNalo! was shut down in May 1, 2026 as Bloomberry rebooted its online gambling strategy.
Solaire Entertainment City weakens
Solaire Resort Entertainment City remained the group’s biggest drag after gaming revenues fell across VIP, mass tables and electronic gaming machines, reflecting broader weakness among high-end players.
VIP rolling chip volume plunged 39 percent, while mass table revenue fell 21 percent and electronic gaming machine revenue dropped 8 percent. EBITDA from the property declined 44 percent to P1.9 billion.
Solaire North offsets part of decline
Solaire Resort North partially cushioned the slowdown after EBITDA rose 9 percent to P1.2 billion, supported by stronger electronic gaming machine activity and higher non-gaming revenues.
Electronic gaming machine revenue rose 20 percent, while non-gaming revenue climbed 19 percent, reinforcing the property’s growing contribution to the group.
Bloomberry also exited the Jeju Sun casino business in South Korea during the quarter and benefited from P358 million in interest savings following earlier debt refinancing initiatives.
The company ended March with P31.6 billion in cash and cash equivalents as it continued managing debt and operating costs amid volatile market conditions.
—Edited by Miguel R. Camus
