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Manila Bulletin devider Business devider The Stock Market devider Razon's Bloomberry swings from big profit to big loss in one year

Razon's Bloomberry swings from big profit to big loss in one year

Published Mar 6, 2026 10:27 am
Razon-led Bloomberry Resorts Corp. swung to a net loss of ₱2.6 billion in 2025 as the casino industry grappled with a pullback from high-stakes players and the lingering impact of the crackdown on offshore gaming operators.
In a disclosure to the Philippine Stock Exchange on Friday, March 4, Bloomberry attributed the loss, which reversed the ₱2.6 billion profit recorded in 2024, to softer inbound tourism and the residual effects of the government’s July 2024 ban on Philippine offshore gaming operations (POGOs).
Based on the company’s filing, the regulatory shift weighed heavily on revenues across the lucrative VIP and premium mass segments, which historically drive growth for the country's integrated resorts.
Enrique K. Razon Jr., Bloomberry chairman and chief executive officer, noted that while the year was marked by significant headwinds, the company’s domestic mass-market business remained resilient. The operator’s total gross gaming revenue (GGR) fell three percent to ₱59.8 billion from ₱61.7 billion the previous year. This decline occurred despite a 12 percent boost in combined mass table games and electronic gaming machine performance, fueled by the continued ramp-up of Solaire Resort North in Quezon City.
The annual bottom line was also hit by several one-off charges, including a ₱706.3 million gross receipts tax (GRT) charge related to a ₱72.0 billion syndicated refinancing facility and a ₱383.3 million impairment of its investment in Aviation Concepts Technical Services Inc.
These losses were partially mitigated by a ₱2.9 billion non-cash refinancing gain booked in the first quarter of 2025.
Meanwhile, operational costs climbed as the company expanded its footprint. Cash operating expenses rose 16 percent to ₱42.3 billion, reflecting a full year of operations at Solaire North and investments in MegaFUNalo, Bloomberry’s new digital gaming platform.
Solaire Resort Entertainment City saw its earnings before interest, taxes, depreciation, and amortization (EBITDA) plunge 59 percent to ₱7.1 billion. In contrast, Solaire North emerged as a bright spot, with EBITDA surging 192 percent to ₱3.8 billion.
Razon said he is cautiously optimistic for 2026, citing aggressive expense management and the benefits of debt refinancing.
Benchmark rates on the company’s floating-rate loans have begun to ease, which Bloomberry expects will contribute to further cost savings in 2026.
The company is also awaiting greater regulatory clarity for its online segment to enhance its digital competitiveness. Meanwhile, Solaire Korea’s Jeju Sun property saw a 61 percent drop in gaming revenue as it prepared for the divestment of its gambling operations.

Related Tags

Bloomberry Resorts Corporation Enrique K. Razon Jr. Solaire Entertainment City Solaire Resort North Jeju Sun Hotel & Casino
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