Philippines casino operator Bloomberry Resorts Corporation’s 2025 results were severely weighed down by softer tourism and offshore gaming operator ban, significantly affecting VIP and premium mass play, driving it to a PHP2.64 billion ($44.74 million) loss.
According to results released on Friday, total gross gaming revenue (GGR) was down 3.1 percent yearly, to PHP59.79 billion ($1.01 billion), driving net revenues down by 1.1 percent yearly to PHP52.51billion ($889.97 million) and EBITDA down by 38.7 percent yearly to PHP7.08 billion ($120 million).
The group registered a FY25 loss of PHP2.64 billion ($44.74 million) in 2025, compared to a profit of PHP2.58 billion ($43.73 million) in 2024. The group highlights certain ‘notable one-off items’ that impacted net income: a PHP706.3 million ($11.97 million) gross receipts tax (GRT) charge relating to a PHP72 billion ($1.22 billion) loan in 4Q25, a separate PHP175 million ($2.97 million) GRT, a positive PHP2.9 billion ($49.15 million) ‘one-time, non-cash refinancing gain linked to a PHP40 Billion ($677.94 million) loan in 1Q25, and a PHP383.3 million ($6.5 million) impairment of investments in Aviation Concepts Technical Services Inc.
Speaking of the results, Bloomberry Chairman and CEO Enrique Razon Jr. noted that “2025 was a challenging year, marked by softer inbound tourism and the residual effects of the July 2024 POGO (Philippine Offshore Gaming Operator) ban, which weighed on revenues across VIP and premium mass. Regulatory uncertainty in the online space also tempered the rollout of our newest digital platform.”
Cash operating expenses for Bloomberry increased by 16 percent yearly to PHP42.3 billion ($716.92 million), due to the full-year impact of Solaire Resort North’s operations and costs incurred from the group’s broad-mass online gaming platform MegaFUnalo – launched mid-2025.
4Q results particularly shallow
Results for the fourth quarter were particularly grim, with the company registering a PHP2.8 billion loss ($47.46 million), a significant increase from a 4Q24 loss of PHP920 million ($15.59 million).
This came amongst a 12.8 drop in GGR, to PHP14.11 billion ($239.14 million), a 12 percent contraction in net revenues to PHP12.81 billion ($217.11 million) and a 66.5 percent drop in EBITDA, to PHP1.33 billion ($22.54 million).
Solaire Resort Entertainment City (SEC) continued to weigh down results, with total GGR down by 26 percent yearly in 4Q25, to PHP9.33 billion ($158.13 million), amongst a 67 percent contraction in VIP GGR – to PHP1.19 billion ($20.17 million), as VIP rolling chip fell 50 percent to PHP51.1 billion ($866.07 million), with a win rate of just 2.33 percent.
Mass table drop at SEC fell by 12 percent, to PHP8.12 billion ($139.15 million), pulling down mass tables GGR by 9 percent to PHP3.89 billion ($65.93 million), despite an improved hold of 48 percent. Electronic gaming machine revenue was also down, by 9 percent yearly to PHP4.24 ($71.86 million), with EGM Coin-in down 10 percent to PHP72.7 billion ($1.23 billion) and a hold rate of 5.8 percent. The group saw hotel occupancy improve by 5.3 percent during the quarter, to 72.9 percent.
Results from Solaire Resort North helped offset the downturns at SEC, with total GGR up by 33 percent yearly to PHP4.77 billion ($80.84 million), boosted by a 54 percent increase in slots GGR, which rose to PHP2.74 billion ($46.44 million) on the back of a 6.5 percent hold and Coin-in of PHP42.87 billion ($762.59 million), up 35 percent yearly.
Mass tables contributed PHP1.77 billion ($30 million) in GGR during the quarter, up by 15 percent compared to 4Q24, boosted by an 8.3 percent increase in the hold rate, to 33 percent, and amongst a 4 percent fall in mass tables drop to PHP5.35 billion ($90.67 million).
VIP rolling chip was up at Solaire Resort North, by 13 percent to PHP4.66 billion ($78.98 million), but the VIP win rate fell by 1.01 percent to 5.58 percent, driving down VIP GGR by 4.4 percent to PHP260 million ($4.41 million).
Hotel occupancy at the property improved significantly year-on-year, up by 19.6 percent to 76 percent.
Non-gaming revenues for the group improved slightly in 4Q25, rising by 1.7 percent yearly to nearly PHP2.06 billion ($34.91 million), with a slight uptick from Solaire Resort North and a downturn at SEC.
Looking head
Bloomberry’s Chairman notes that expense management and enhancements to both Solaire properties have been implemented in response to the softer revenues seen in 2025, with debt refinancing in October of 2024 and February 2025 contributing to cost savings on its loans.
“We anticipate further gains from these initiatives in 2026,” noted the executive.
The group’s bet on the online world is also expected to bear fruit this year, with Razon Jr. noting “in the online segment, we remain confident in the long-term opportunity as we await greater regulatory clarity and continue strengthening the competitiveness and user experience of our digital platforms”.
