Bloomberry Resorts Corporation (“Bloomberry”), the owner and operator of Solaire Resort Entertainment City (SEC), Solaire Resort North (SN), and Jeju Sun Hotel & Casino, reported unaudited consolidated financial results for the three and nine months ended September 30, 2025.
Bloomberry’s consolidated net income for the first nine months of 2025 stood at P160.1 million, a decrease from P3.5 billion reported in the same period last year. The decline was primarily driven by P1.2 billion in operating expenses related to the ramp-up of the MegaFUNalo! online gaming platform and a persistent weakness in the international VIP and premium mass segments.
Consolidated Gross Gaming Revenue (GGR) for 9M25 was P45.7 billion, a marginal increase of 0.4% year-over-year, buoyed by the strong performance of the new Solaire Resort North.
Third Quarter and Nine-Month Consolidated Financial Highlights
| Metric | 3Q 2025 Result | YoY Change (3Q) | 9M 2025 Result | YoY Change (9M) |
|---|---|---|---|---|
| Gross Gaming Revenue (GGR) | P14.6 billion | (10%) | P45.7 billion | 0.4% |
| Net Revenue | P12.7 billion | (8%) | P39.7 billion | 3% |
| Consolidated EBITDA | P1.9 billion | (53%) | P8.8 billion | (30%) |
| Net Income / (Loss) | (P1.7 billion) (Loss) | N/A | P160.1 million (Income) | (95%) |
Enrique K. Razon Jr., Bloomberry Chairman and CEO, commented: “The business environment in the third quarter mirrored that of the first half of 2025. Our consolidated EBITDA declined due to ongoing softness in international high roller activity and increased expenses from the rollout of our online gaming services. However, the local market remained strong as evidenced by revenue performance at Solaire North, which focuses on the domestic mass market, with gaming and resort revenues rising by 25% and 58% year-over-year, respectively.”
Mr. Razon added, “The ramp-up of the MegaFUNalo! online gaming platform is progressing, although at a slower pace than anticipated, despite regulatory uncertainties. We are actively enhancing our offerings and plan to launch new content in the coming weeks.”
Segment Performance: Domestic Strength Offsets International Softness
The Company’s performance reflects a bifurcation between the international VIP segment and the strong domestic mass market:
- Solaire Resort North (SN): The property, which targets the domestic mass market, continued its strong ramp-up. SN generated GGR of P4.6 billion in the third quarter, representing a 25% increase from its first full quarter of operation in 3Q 2024. Non-gaming revenue at SN also surged by 58% year-over-year to P1.1 billion.
- Solaire Resort Entertainment City (SEC): SEC’s total GGR was P10.0 billion for the third quarter, a decline of 21% from the previous year. This drop was largely attributed to a 55% decrease in VIP GGR due to weaker volumes and lower win rates, underscoring the ongoing challenge in the global high-roller segment.
- Non-Gaming Revenue: Consolidated non-gaming and other revenue saw robust growth, increasing by 21% in the third quarter to P3.3 billion, driven by strong hotel occupancy, retail, and food and beverage consumption across the resorts.
The company’s profitability was significantly affected by investments in digital expansion. Cash operating expenses rose by 11% in the third quarter to P10.7 billion, largely due to higher costs associated with advertising, promotions, and outside services. Specifically, operating expenses attributable to the MegaFUNalo! online platform totaled P1.2 billion for the first nine months of 2025, a necessary investment as Bloomberry expands its reach into the digital gaming space.
