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Manila Bulletin devider Business devider The Stock Market devider Solaire's flagship property struggles, dragging down Bloomberry's first-half profit

Solaire's flagship property struggles, dragging down Bloomberry's first-half profit

Published Aug 13, 2025 10:09 am
Razon-led Bloomberry Resorts Corp. reported a 52 percent fall in net income to ₱1.9 billion in the first half of 2025 from ₱4.0 billion in the same period last year due to weaker earnings from Solaire Entertainment City (SEC) as well as operating expenses of its new online gaming platform.
In a disclosure to the Philippine Stock Exchange, the firm said it incurred a net loss of ₱1.4 billion for the second quarter of 2025, which compares to a net profit of ₱1.3 billion in the same period last year.
This is despite one-off items in the first half of 2025 related to the refinancing of the ₱40 billion Syndicated Loan Facility, consisting of ₱175 million of GRT (gross receipt tax)-related charges and the ₱2.9 billion one-time, non-cash refinancing gain.
In the first half of 2024, the one-off item was Solaire North’s pre-operating expense, which amounted to ₱1.1 billion.
“It was a challenging second quarter for Bloomberry as softness persisted in Solaire Entertainment City’s VIP and premium mass segments,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.
He noted, though, that “Solaire North (SN) saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter. The gains in our second property contributed to the performance of our Metro Manila mass gaming and non-gaming revenue, which rose 18 percent and 37 percent year-over-year, respectively.”
“Last June, our new online platform ‘MegaFUNalo!’ was made available to the public on a soft-launch basis. In the coming months, we will introduce more content and enhancements to the platform that will strengthen its competitiveness,” Razon added.
Despite a weaker second quarter due to continued weakness in the VIP and premium mass segments, particularly in SEC, Bloomberry’s Gross Gaming Revenue (GGR) improved six percent to ₱31.1 billion in the first half of 2025 from ₱28.1 billion in the same period last year.
Meanwhile, the combined performance of mass table games and electronic gaming machines across the company’s two Metro Manila properties recorded GGR growth of 24 percent in the first half.
Solaire North generated GGR of ₱9.1 billion in the first six months, compared to only ₱1.1 billion from its initial period of operations from May 25 to June 30, 2024.
Consolidated net revenue was ₱27.0 billion in the first half of 2025, representing an increase of nine percent against ₱24.8 billion in the same period last year.
Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) were ₱6.9 billion, compared with ₱8.6 billion in the first six months of the previous year. EBITDA was impacted by ₱509.5 million of “MegaFUNalo!” operating expenses.
For the second quarter, total GGR at SEC was ₱9.8 billion, representing a decline of 27 percent from ₱13.3 billion in the second quarter of 2024. GGR was negatively impacted by weaker volumes across all gaming segments and lower win rates in VIP tables and EGMs.
Non-gaming revenue was ₱2.1 billion, up two percent from ₱2.0 billion in the same quarter last year.
Net revenue was ₱8.2 billion, down 25 percent from ₱11.0 billion in the second quarter of 2024. SEC generated EBITDA of ₱1.7 billion, which was down 61 percent from ₱4.4 billion in the same quarter of last year.
Solaire Resort North generated a GGR of ₱4.5 billion for the quarter, compared to the GGR of ₱ 1.1 billion during the period from May 25 to June 30, 2024. The property continues to gain traction, particularly in the Mass Table and EGM segments.
Non-gaming revenue was ₱1.0 billion, which compares to ₱213.0 million in the second quarter of 2024. Net revenue was ₱4.3 billion, which compares to ₱1.1 billion in the same period last year.
SN generated EBITDA of ₱1.1 billion, which is four times the ₱250.1 million generated in the second quarter of 2024.
Solaire Korea’s Jeju Sun Resort & Casino recorded gross gaming revenue of ₱2.5 million, representing a decrease of ₱33.2 million from ₱35.7 million in the same quarter last year.
Non-gaming revenue was ₱126.2 million, up one percent from ₱125.5 million in the same quarter last year. Net revenue was ₱128.3 million, lower by 20 percent year-over-year.
Jeju Sun generated EBITDA of ₱41.4 million, which was lower than the ₱89.4 million recorded in the second quarter of 2024.

Related Tags

Bloomberry Resorts Corporation Enrique K. Razon Jr. MegaFUNalo! Solaire Resort North Solaire Entertainment City
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