Bloomberry Resorts Corp., the operator of Solaire Resorts and Casinos, reported a 26 percent increase in net income to ₱3.3 billion in the first quarter of 2025, up from ₱2.5 billion in the same period last year, the company told regulators on Wednesday. The gain includes a ₱2.9 billion one-time, non-cash gain tied to the February refinancing of its ₱40 billion syndicated loan. Excluding this item, adjusted net income fell sharply by 83 percent to ₱445.8 million.
The firm’s gross gaming revenues (GGR) rose 14 percent year-over-year to ₱16.8 billion, bolstered by the performance of its new Solaire Resort North in Quezon City, which contributed ₱4.6 billion in GGR. Mass market gaming also posted strong growth, with combined revenue from mass tables and electronic gaming machines across both properties climbing 29 percent.
“Solaire North continued to gain ground as GGR across the board increased by 29 percent sequentially,” said Bloomberry chairman and CEO Enrique K. Razon Jr., adding that the property delivered ₱1.1 billion in consolidated EBITDA. However, Solaire Entertainment City saw an 18 percent decline in GGR, impacted by soft VIP volumes and the ongoing ban on Philippine offshore gaming operators (POGOs).
The decline was most pronounced in the VIP segment, where rolling chip volume dropped 18 percent to ₱87.7 billion and GGR fell 34 percent to ₱2.8 billion. Electronic gaming machines and mass table drops also weakened at Solaire Entertainment City, although mass table GGR managed a 7 percent year-on-year increase.
Non-gaming revenue surged 35 percent to ₱3 billion, supported by contributions from both properties, including nearly ₱914 million from Solaire North. Overall net revenue grew 15 percent to ₱14.4 billion.
Razon said the company remains focused on driving growth across its integrated resorts and upcoming digital platform, Solaire Online, which is set to launch in the coming weeks.
The results underline Bloomberry’s strategic reliance on diversification, with Solaire North proving vital to offset declining performance in its flagship operations amid shifting market conditions and regulatory pressures.
