Bloomberry Resorts Corp., the gambling empire controlled by billionaire Enrique Razon Jr., swung to a net loss in the first quarter as slowdown in high-stakes gaming and the absence of prior-year windfall weighed on the bottom line.

The operator of Solaire Resort Entertainment City reported a net loss of ₱125 million in January to March, a sharp reversal from the ₱3.3 billion profit recorded in the same period a year earlier, the firm said in a disclosure to the Philippine Stock Exchange.

Bloomberry’s decline was exacerbated by a tough year-on-year comparison, as the 2025 figures were bolstered by a ₱2.9 billion one-time, non-cash gain linked to debt refinancing.

Gross gaming revenue across the group fell 13 percent to ₱14.7 billion, driven largely by the contraction in the VIP and premium mass segments. At the flagship Solaire property in Entertainment City, gaming revenue tumbled 18 percent to ₱10 billion. Bloomberry noted that volumes across all gaming categories remained subdued during the period.

“The first three months of 2026 reflected continued softness in the VIP and Premium Mass segments, particularly in Entertainment City," Razon, who serves as Bloomberry’s chairman and chief executive officer, said.

Despite the headline loss, Razon pointed to “meaningful” improvement over the losses seen in the previous three quarters and credited cost-control measures for stabilizing operating expenses.

While non-gaming revenue rose nine percent to ₱3.2 billion—buoyed by hotel and food and beverage sales—the core casino business faced headwinds. To mitigate these pressures, Bloomberry realized ₱358.1 million in interest savings following previous debt restructuring.

The company also booked a ₱403 million gain from the sale of its Jeju Sun gaming license in South Korea, marking the company’s exit from the casino business in that market.

Solaire Resort North provided a rare bright spot, with gaming revenue rising 1 percent to ₱4.7 billion and non-gaming revenue jumping 19 percent. However, the gains at the newer Quezon City property were not enough to offset the drag from the flagship Manila site.

However, Razon signaled a more aggressive stance on expenses as geopolitical volatility in the Middle East threatens to push up operating costs. The company intends to intensify its cost-cutting initiatives to protect margins in an increasingly uncertain global environment.

Consolidated net revenue for the quarter stood at ₱13.1 billion, down nine percent from a year ago. (James A. Loyola)