Solaire Resort's Operator, Bloomberry Reported Net Income of P3.3B for Q1 2025, Up 26%

​Bloomberry Resorts Corporation whose subsidiaries own and operate Solaire Resort Entertainment City (SEC), Solaire Resort North (SN), and Jeju Sun Hotel & Casino (Jeju Sun), reported unaudited consolidated financial results for the three months ended March 31, 2025.

​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 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.”
 
“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.”
 
Consolidated Results
 
Bloomberry’s Gross Gaming Revenue (GGR) was P16.8 billion, representing an increase of 14% from P14.8 billion in the first quarter of 2024. The increase was mainly due to GGR contributed by Solaire Resort North (SN), which is 10 months into its ramp up. The mass market continued to show strength as it recorded a year-over-year increase of 29%.
 
Contra-revenue accounts in the first quarter increased by 11% year-over-year to P3.7 billion. This represents 22% of consolidated GGR, unchanged from the same quarter last year.
 
Non-gaming revenue was P3.0 billion, representing an increase of 35% from P2.2 billion generated in the first quarter of 2024.
 
Net revenue was P14.4 billion, representing an increase of 15% from P12.5 billion in the same period last year.
 
Cash operating expenses for the period reached P10.0 billion, higher by 32% compared to P7.6 billion in the same quarter last year. Cash operating expenses increased due to the recognition of operating expenses associated with SN which was still under construction in the first quarter of 2024. The Company made no provisions for bad debt in the first quarter.
 
For the quarter, the Group recorded consolidated EBITDA of P4.4 billion, representing a decrease of 11% from P4.9 billion in the same quarter last year. Excluding the impact of P279.5 million of SN pre-operating expenses recorded in the first three months of 2024, consolidated EBITDA would have declined by 15%.
 
Bloomberry recorded net income of P3.3 billion during the quarter, 26% higher than the P2.6 billion reported in the first quarter of 2024. Adjusting for the net impact of the P2.9 billion one-time, non-cash gain resulting from the refinancing of the P40 billion Syndicated Loan Facility last February, net income would have been P445.8 million, lower by 83% year-over-year.
 
The Company reported Basic Earnings per Share (EPS) gain of P0.315, which compares to P0.231 in the same quarter last year.
 
Solaire Resort Entertainment City (SEC)
 
In the first quarter, total GGR at SEC was P12.1 billion, representing a decline of 18% from P14.8 billion in the first quarter of 2024. GGR was negatively impacted by lower volumes and hold rates in the VIP and Electronic Gaming Machine (EGM) segments.
 
VIP rolling chip volume was P87.7 billion, representing a year-over-year decline of 18%. The VIP hold rate was 3.19% against 3.99% in the first quarter of 2024. VIP GGR was P2.8 billion, declining by 34% compared to P4.3 billion in the same quarter last year.
 
Mass table drop was P8.5 billion, representing a year-over-year decline of 23%. The mass table hold rate was 57.7%, compared to 41.2% in the same period last year. Mass table GGR was P4.9 billion, higher by 7% compared to P4.6 billion in the first quarter of 2024.
 
EGM coin-in was P87.8 billion, recording a 10% year-on-year decrease. The EGM hold rate was 5.1% compared to 6.0% in the first quarter of 2024. EGM GGR was P4.4 billion, declining by 25% from P5.9 billion in the same quarter last year.
 
Non-gaming revenue was P2.0 billion, down 6% from P2.1 billion in the first quarter of last year. Net revenue was P10.0 billion, lower by 19% compared to P12.4 billion in the same period in 2024.
 
SEC generated EBITDA of P3.4 billion which declined by 35% from P5.3 billion in the same quarter last year.
 
Solaire Resort North (SN)
 
SN generated GGR of P4.6 billion. The property’s ramp up continued across the VIP, mass tables and EGM segments, bolstered by a robust domestic market. Non-gaming revenue was P913.7 million.
 
VIP rolling chip volume was P8.9 billion. At a VIP hold rate of 5.3%, VIP GGR was a P472.2 million.
 
Mass table drop was P6.5 billion. At a mass table hold rate of 30.5%, mass table GGR was P2.0 billion.
 
EGM coin-in was P37.0 billion. At an EGM hold rate of 5.9%, EGM GGR was P2.2 billion.
 
SN generated EBITDA of P1.1 billion.
 
Jeju Sun Resort & Casino (Jeju Sun)
 
Solaire Korea’s Jeju Sun recorded GGR of P3.7 million, compared to GGR of P15.6 million in the same quarter last year.
 
Non-gaming revenue was P92.5 million, up by 1% from P91.9 million in the first quarter of 2024. Net revenue was P94.6 million, lower by 12% year-over-year.
 
Jeju Sun generated LBITDA of P59.8 million which compares to LBITDA P55.7 million recorded in the first quarter of 2024.
 
Balance Sheet and Other Items
 
As of March 31, 2025, Bloomberry had a consolidated cash and cash equivalents balance of P33.5 billion. Total outstanding long-term debt was P106.5 billion, which represents the balance of the current and non-current portions of the P72.0 billion and P40 billion Syndicated Refinancing Facilities. Total equity attributable to equity holders of the parent company was P64.4 billion.
 
Bloomberry had P1.6 billion in net receivables as of March 31, 2025, lower by P782.4 million from the beginning of the year. Total allowances cover approximately 99% of all receivables over 90 days.
 
Listed on the Philippine Stock Exchange (PSE: BLOOM), Bloomberry Resorts Corporation is a leader in developing world-class destinations, comprising luxurious accommodations, premier gaming facilities, and exceptional dining. Its portfolio includes Solaire Resort Entertainment City, Solaire Resort North in Quezon City, and Jeju Sun Hotel & Casino (Jeju City) in Korea.
 
Solaire Resort North, a USD $1.0 billion venture, is the latest addition to the celebrated Solaire brand. It is Quezon City's inaugural luxury destination to offer authentic five-star services and amenities.