Bloomberry Resorts Corp., the gaming venture of tycoon Enrique Razon Jr., closed 2025 in the red after a year marked by softer VIP demand, regulatory headwinds, and the costly ramp-up of its newest property, even as its northern expansion showed early promise.
The gaming and resort operator reported a net loss of P2.6 billion in 2025, reversing the P2.6 billion net income booked in 2024, as earnings from its flagship property weakened while new operations continued to scale up.
Gross gaming revenue (GGR) slipped 3 percent to P59.8 billion from P61.7 billion a year earlier, reflecting persistent industry-wide weakness in the VIP and premium mass segments. The decline was partly cushioned by the ramp-up of Solaire Resort North, whose growing contribution helped push combined mass table and electronic gaming machine performance across the group’s two Philippine resorts up 12 percent.
Razon, who is chairman and chief executive officer of Bloomberry, said the company responded to softer revenues by tightening costs and enhancing offerings across its properties.
“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 activities 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.
Consolidated EBITDA fell 39 percent to P10.2 billion from P16.6 billion in 2024, largely dragged down by weaker results at Solaire Resort Entertainment City, the group’s flagship property.
At Entertainment City, GGR dropped 23 percent to P41.2 billion, while EBITDA plunged 59 percent to P7.1 billion, reflecting lower gaming volumes and roughly P1.9 billion in operating expenses tied to MegaFUNalo, Bloomberry’s broad-mass online gaming platform.
The newer northern property offered a counterweight. Solaire Resort North generated P18.5 billion in GGR and P3.8 billion in EBITDA in 2025, underscoring its growing contribution to the group’s portfolio.
“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.
Non-gaming operations also provided a lift, with revenue from hotels, retail, and entertainment rising 21 percent to P12.9 billion.
For the fourth quarter alone, Bloomberry posted a net loss of P2.8 billion, wider than the P920.2 million loss a year earlier, as EBITDA dropped 67 percent to P1.3 billion amid softer gaming revenues and digital platform costs.
