Philippines’ leading land-based casino operator Bloomberry Resorts Corporation reported a net loss of PHP1.7 billion ($28.8 million) for the third quarter of 2025, significantly wider than the PHP470.2 million ($8 million) loss recorded in the same period last year, according to its unaudited financial results released on Wednesday.
The deteriorating performance was primarily attributed to ongoing weakness in the VIP and premium mass segments, coupled with increased expenses from the rollout of the company’s MegaFUNalo online gaming platform.
Consolidated gross gaming revenue (GGR) declined 10 percent year-on-year to PHP14.6 billion ($247.0 million), down from PHP16.3 billion ($275.9 million) in 3Q24. Net revenue fell 8 percent to PHP12.7 billion ($214.9 million) from PHP13.8 billion ($233.5 million), while cash operating expenses surged 11 percent to PHP10.7 billion ($181.1 million), driven by higher advertising and promotions, cost of sales, and outside services charges.
The company’s consolidated EBITDA plummeted 53 percent to PHP1.9 billion ($32.2 million) from PHP4.1 billion ($69.4 million) in the same quarter last year. Operating expenses attributable to MegaFUNalo totaled PHP684.8 million ($11.6 million) during the quarter.
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 percent and 58 percent year-over-year, respectively.”
Razon added that while the MegaFUNalo platform is progressing, the ramp-up is slower than anticipated despite regulatory uncertainties, with plans to launch new content in the coming weeks.
Property performance
Solaire Resort Entertainment City, the company’s flagship property, saw total GGR decline 21 percent to PHP10 billion ($169.2 million) from PHP12.6 billion ($213.2 million). VIP rolling chip volume plunged 34 percent to PHP72.0 billion ($1.22 billion), with VIP GGR dropping 55 percent to PHP1.6 billion ($27.1 million). The property’s EBITDA fell 66 percent to PHP1.2 billion ($20.3 million).
In contrast, Solaire Resort North demonstrated resilience, generating GGR of PHP4.6 billion ($77.9 million) for the quarter, up 25 percent from PHP3.7 billion ($62.6 million). Net revenue rose 27 percent to PHP4.3 billion ($72.7 million), and EBITDA increased 19 percent to PHP787.6 million ($13.3 million).
Nine-month results
For the first nine months of 2025, Bloomberry posted a net income of PHP160.1 million ($2.7 million), a sharp 95 percent decline from PHP3.5 billion ($59.2 million) in the same period a year earlier. Consolidated GGR inched up 0.4 percent to PHP45.7 billion ($773.4 million), while EBITDA slid 30 percent to PHP8.8 billion ($148.9 million).
The company said results were weighed down by higher operating costs and softer international play, partly offset by stronger domestic demand at Solaire North. One-off items included PHP175 million ($3.0 million) in gross gaming tax charges and a PHP2.9 billion ($49.1 million) non-cash refinancing gain from its PHP40 billion ($677.0 million) loan facility.
