Bloomberry Resorts Corporation in the Philippines reported a net income of PHP3.3 billion ($58.6 million) for 1Q25, marking a 26 percent increase compared to the same period last year.
The growth was primarily driven by a one-time refinancing gain and the strong performance of its newly opened Solaire Resort North property.
The company’s gross gaming revenue (GGR) reached PHP16.8 billion ($298.4 million), up 14 percent from PHP14.8 billion ($262.8 million) in the first quarter of 2024. This increase was mainly attributed to the contribution from Solaire Resort North, which has been in operation for 10 months and is still in its ramp-up phase.
Bloomberry’s Chairman and CEO, Enrique K. Razon Jr., highlighted the company’s strong performance in the mass market segment. “GGR generated by the Mass Tables and Electronic Gaming Machines segments across both our Metro Manila properties grew by 29 percent, powered by a resilient domestic mass market player base,” he stated.
Despite the overall revenue growth, consolidated EBITDA decreased by 11 percent to PHP4.4 billion ($78.1 million) from PHP4.9 billion ($87 million) in the same quarter last year. The decline was primarily due to lower EBITDA at Solaire Resort Entertainment City, which was affected by softer gaming volumes and lower VIP and EGM hold rates. However, this was partially offset by the PHP1.1 billion ($19.5 million) EBITDA contribution from Solaire North.
When adjusted for the PHP2.9 billion ($51.5 million) one-time, non-cash gain resulting from the refinancing of the PHP40 billion ($710.4 million) Syndicated Loan Facility completed in February, the company’s net income would have been PHP445.8 million ($7.9 million), representing an 83 percent year-over-year decrease.
Non-gaming revenue increased by 35 percent to PHP3.0 billion ($53.3 million), while net revenue rose by 15 percent to PHP14.4 billion ($255.8 million) compared to the first quarter of 2024.
Cash operating expenses increased by 32 percent to PHP10.0 billion ($177.6 million), primarily due to the inclusion of operating expenses from Solaire North, which was still under construction during the first quarter of 2024.
GGR falls 18% at Solaire Entertainment City
Solaire Resort Entertainment City experienced a decline in performance, with its GGR falling by 18 percent year-over-year to PHP12.1 billion ($214.9 million). VIP rolling chip volume decreased by 18 percent to PHP87.7 billion ($1.56 billion), while the VIP hold rate dropped to 3.19 percent from 3.99 percent in the first quarter of 2024. However, mass table GGR increased by 7 percent to PHP4.9 billion ($87 million), despite a 23 percent decline in mass table drop.
Solaire North contributes to growth
In contrast, Solaire North demonstrated strong performance across all segments, generating GGR of PHP4.6 billion ($81.7 million). Its VIP rolling chip volume reached PHP8.9 billion ($158.1 million) with a VIP hold rate of 5.3 percent. Mass table drop was PHP6.5 billion ($115.4 million) with a hold rate of 30.5 percent, resulting in a mass table GGR of PHP2 billion ($35.5 million).
Razon expressed confidence in the future, stating, “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.”
The company reported Basic Earnings per Share of PHP0.315 ($0.0056), compared to PHP0.231 ($0.0041) in the same quarter last year.
