Bloomberry Resorts Corporation narrowed its second-quarter net loss by 75 percent year-on-year to PHP345.3 million ($6.1 million), as favorable gaming hold rates and cost controls lifted EBITDA despite continued weakness in VIP and premium-mass demand.
The Philippine gaming operator, which owns and operates Solaire Resort Entertainment City and Solaire Resort North Quezon City, released its second-quarter results on Friday.
Consolidated gross gaming revenue (GGR) rose 15 percent to PHP16.40 billion ($289 million), while net revenue increased 11 percent to PHP14.08 billion ($248 million).
Reported EBITDA climbed 35 percent to PHP3.43 billion ($60.4 million), with the EBITDA margin improving to 24.3 percent from 20 percent.
However, hold-normalized EBITDA increased by a more moderate 8.3 percent to PHP3.03 billion ($53.4 million). Bloomberry’s consolidated VIP hold rate reached 3.80 percent, above the company’s normalized assumption of 2.85 percent.
The above-normal VIP hold left reported EBITDA 13 percent higher than its hold-normalized level.
“We delivered GGR growth in the second quarter, supported by stronger hold rates across our gaming operations,” Bloomberry Chairman and CEO Enrique K. Razon Jr. said.
“However, underlying demand in the VIP and premium mass segments remained soft. Assertive cost management complemented higher revenues, driving EBITDA growth both sequentially and year-over-year.”
For the first half, Bloomberry recorded a PHP470.3 million ($8.3 million) net loss, compared with net income of PHP1.91 billion ($33.7 million) a year earlier.
The comparison was affected by a PHP2.90 billion ($51.1 million) non-cash refinancing gain recognized in the first quarter of 2025. First-half reported EBITDA fell 7 percent, while hold-normalized EBITDA declined 17 percent.
Higher hold supports Solaire Entertainment City
Solaire Resort Entertainment City generated GGR of PHP11.49 billion ($203 million), up 18 percent year-on-year.
VIP rolling-chip volume increased 12 percent, but VIP GGR surged 81 percent to PHP2.57 billion ($45.3 million), supported by a hold rate of 3.61 percent. This compared with 2.23 percent a year earlier and Bloomberry’s normalized rate of 2.85 percent.
On a hold-normalized basis, VIP revenue would have risen approximately 12 percent.
Underlying performance in other gaming segments remained softer. Mass-table drop declined 4 percent, while electronic gaming machine coin-in fell 12 percent. Higher hold rates supported increases of 8 percent in mass-table GGR and 6 percent in electronic gaming revenue.
The property’s EBITDA rose 40 percent to PHP2.40 billion ($42.3 million), with its margin increasing to 26 percent.
Solaire Resort North Quezon City reported a 9 percent increase in GGR to PHP4.90 billion ($86.4 million). EBITDA grew 19 percent to PHP1.27 billion ($22.4 million).
VIP rolling-chip volume at the property more than doubled, while electronic gaming machine coin-in increased 7 percent. However, mass-table drop declined 23 percent.
Hotel occupancy at the Quezon City property reached 85.6 percent, compared with 61.8 percent in the corresponding quarter.
Jeju Sun generated EBITDA of PHP2.8 million ($49,000), reversing an EBITDA loss of PHP41.4 million ($730,000) a year earlier. It was the property’s first full quarter after exiting the casino business and its first positive quarterly EBITDA since Bloomberry acquired it in 2015.
Online gaming expenses more than double
Bloomberry limited growth in second-quarter cash operating expenses to 5 percent, with costs reaching PHP10.66 billion ($188 million). The increase was mainly related to gaming taxes and license fees, salaries, and software and hardware costs.
Operating expenses associated with online gaming reached PHP1.10 billion ($19.4 million) during the quarter, more than double the PHP461 million recorded a year earlier.
For the first half, online gaming expenses increased to PHP1.80 billion ($31.7 million), from PHP509.5 million ($9 million) in the corresponding period of 2025.
Bloomberry commercially launched FUNaloMax on its proprietary platform in July and plans to migrate Solaire Online to the same platform in the coming weeks. The company said the initiatives were expected to improve the customer experience and generate incremental revenue.
