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Manila Bulletin devider Business devider The Stock Market devider Solaire North gains puts Bloomberry earnings back on growth track

Solaire North gains puts Bloomberry earnings back on growth track

Published May 14, 2025 11:25 am  |  Updated May 14, 2025 02:41 pm

The tables have turned for billionaire Enrique K. Razon’s integrated gaming resorts owner and operator Bloomberry Resorts Corporation, as gains from Solaire North have put it back on a growth trajectory even before the launch of its new online gaming platform.

The firm reported a 26 percent increase in consolidated net income to ₱3.3 billion for the first quarter of 2025, up from ₱2.6 billion earned in the same period last year.

Adjusting for the net impact of the ₱2.9 billion one-time, non-cash gain resulting from the refinancing of the ₱40 billion Syndicated Loan Facility last February, net income would have been ₱445.8 million, lower by 83 percent year-over-year.

“In the first quarter of 2025, Bloomberry’s Gross Gaming Revenue (GGR) expanded by 14 percent year-over-year,” said Bloomberry Chairman and CEO Razon.

He noted that, “GGR generated by the Mass Tables and Electronic Gaming Machines (EGM) segments across both our Metro Manila properties grew by 29 percent, 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 ₱1.1 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,” Razon said.

He added that, “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.”

Bloomberry’s Gross Gaming Revenue (GGR) was ₱16.8 billion, representing an increase of 14 percent from ₱14.8 billion in the first quarter of 2024.

The increase was mainly due to GGR contributed by Solaire Resort North (SN), which is 10 months into its ramp up. The mass market continued to show strength, recording a year-over-year increase of 29 percent.

Contra-revenue accounts in the first quarter increased by 11 percent year-over-year to ₱3.7 billion. This represents 22 percent of consolidated GGR, unchanged from the same quarter last year.

Non-gaming revenue was ₱3.0 billion, representing an increase of 35 percent from ₱2.2 billion generated in the first quarter of 2024.

Net revenue was ₱14.4 billion, representing an increase of 15 percent from ₱12.5 billion in the same period last year.

For the quarter, the Group recorded consolidated EBITDA of ₱4.4 billion, representing a decrease of 11 percent from ₱4.9 billion in the same quarter last year.

Excluding the impact of ₱279.5 million of SN pre-operating expenses recorded in the first three months of 2024, consolidated EBITDA would have declined by 15 percent.

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Bloomberry Resorts Corporation Enrique K. Razon Jr.
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