Bloomberry Resorts Corporation announced its unaudited consolidated financial results for the first quarter ended March 31, 2025, showcasing a 14% year-over-year expansion in Gross Gaming Revenue (GGR) to P16.8 billion. This growth was primarily fueled by the strong performance of the mass market segment and the continued ramp-up of Solaire Resort North (SN).
Enrique K. Razon Jr., Bloomberry Chairman and CEO, commented, “In the first quarter of 2025, Bloomberry’s Gross Gaming Revenue (GGR) expanded by 14% year-over-year. GGR generated by the Mass Tables and Electronic Gaming Machines (EGM) segments across both our Metro Manila properties grew by 29%, powered by a resilient domestic mass market player base.”
Solaire North demonstrated significant traction, with GGR across all segments increasing by 29% sequentially, contributing P1.1 billion to the consolidated EBITDA. Conversely, Solaire Entertainment City (SEC) experienced a year-over-year impact due to softer VIP play and the ban on Philippine Offshore Gaming Operators (POGOs).
“Solaire North continued to gain ground as GGR across the board increased by 29% sequentially, resulting in a P1.1 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,” Mr. Razon Jr. added.
Looking ahead, Mr. Razon Jr. stated, “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.”
First Quarter 2025 Key Highlights:
- Gross Gaming Revenue (GGR): Increased by 14% year-over-year to P16.8 billion (Q1 2024: P14.8 billion), primarily driven by Solaire North.
- Mass Market Strength: Combined Mass Tables and EGM GGR at SEC and SN surged by 29% year-over-year.
- Solaire North Contribution: Generated P4.6 billion in GGR and P1.1 billion in EBITDA in its first ten months of operation.
- Consolidated EBITDA: Reached P4.4 billion, an 11% decrease from P4.9 billion in Q1 2024, primarily due to lower EBITDA at SEC. Excluding pre-operating expenses of SN in Q1 2024, EBITDA would have declined by 15%.
- Net Income: Reported at P3.3 billion, a 26% increase from P2.6 billion in Q1 2024, boosted by a one-time refinancing gain. Adjusting for this gain, net income would have been P445.8 million, a decrease of 83% year-over-year.
- Non-Gaming Revenue: Increased significantly by 35% to P3.0 billion (Q1 2024: P2.2 billion).
Solaire Resort Entertainment City (SEC) Performance:
SEC’s total GGR reached P12.1 billion, an 18% decrease year-over-year. This was attributed to lower volumes and hold rates in the VIP and EGM segments. While VIP GGR declined by 34% to P2.8 billion, Mass Table GGR saw a 7% increase to P4.9 billion despite a 23% drop in mass table drop. EGM GGR decreased by 25% to P4.4 billion. SEC generated EBITDA of P3.4 billion, a 35% decline from the previous year.
Solaire Resort North (SN) Performance:
SN continued its strong ramp-up, generating P4.6 billion in GGR across all segments and P1.1 billion in EBITDA. VIP GGR reached P472.2 million, Mass Table GGR stood at P2.0 billion, and EGM GGR amounted to P2.2 billion. Non-gaming revenue for SN was P913.7 million.
Jeju Sun Resort & Casino (Jeju Sun) Performance:
Jeju Sun recorded GGR of P3.7 million, a significant decrease from the previous year. The property reported a LBITDA of P59.8 million, compared to a LBITDA of P55.7 million in Q1 2024.
Balance Sheet Highlights:
As of March 31, 2025, Bloomberry maintained a strong financial position with P33.5 billion in cash and cash equivalents. Total outstanding long-term debt stood at P106.5 billion, related to its syndicated refinancing facilities. Total equity attributable to equity holders of the parent company was P64.4 billion.
