Solaire operator Bloomberry Resorts Corp reported a net loss of PHP125 million ($2 million) for the first quarter of 2026, reversing the PHP3.3 billion ($53.6 million) net income posted in the same period last year, as persistent weakness in the VIP and premium mass segments at Solaire Resort Entertainment City (SEC) dragged group performance lower.
Consolidated gross gaming revenue (GGR) fell 13 percent year-on-year to PHP14.7 billion ($238.6 million), while consolidated EBITDA declined 32 percent to PHP3 billion ($48.7 million). The bottom line was cushioned by a PHP403 million ($6.5 million) gain from the sale of the Jeju Sun gaming license in South Korea and PHP358.1 million ($5.8 million) in interest expense savings from earlier debt refinancing.
The Jeju Sun gain reflected Bloomberry’s exit from the South Korean casino market, completed in March through a demerger and share purchase agreement with a local buyer, marking the end of the group’s Jeju Sun casino operations.
The Philippine flagship property bore the brunt of the decline. Solaire Resort Entertainment City’s GGR fell 18 percent year-on-year to PHP10 billion ($162.3 million), with all gaming segments contracting. VIP rolling chip volume dropped 39 percent to PHP53.2 billion ($863.5 million), pushing VIP GGR down 29 percent to PHP2 billion ($32.5 million). Premium mass conditions also remained subdued, with mass table GGR falling 21 percent to PHP3.9 billion ($63.3 million) and electronic gaming machine (EGM) GGR down 8 percent to PHP4.1 billion ($66.5 million).
“The first three months of 2026 reflected continued softness in the VIP and premium mass segments, particularly in Entertainment City,” said Enrique K. Razon Jr., Bloomberry chairman and chief executive. “We reported a net loss of PHP125 million, which was meaningfully lower than quarterly losses reported in the previous three periods.”
The Solaire Resort Entertainment City results extend a trend that has weighed on Manila’s integrated resort sector since the wind-down of the POGO industry and the broader restructuring of junket-driven VIP play in the region. Bloomberry’s premium segment underperformance comes amid intensifying competition for high-end customers among Entertainment City operators.
Sister property Solaire Resort North (SN) in Quezon City offered a partial counterweight, with GGR edging up 1 percent to PHP4.7 billion ($76.2 million) despite a sharp 84 percent decline in VIP GGR to PHP77.5 million ($1.3 million) on a low 1.54 percent hold rate. EGM GGR at Solaire Resort North rose 20 percent to PHP2.6 billion ($42.2 million), and property EBITDA grew 9 percent to PHP1.2 billion ($19.5 million).
Razon also pointed to external cost pressures shaping the operating environment. “We recognize that the evolving geopolitical situation in the Middle East is contributing to rising cost pressures across the operating environment; in response, we will intensify our cost cutting efforts to manage through the volatility,” he said.
Consolidated cash operating expenses rose just 1 percent year-on-year to PHP10.1 billion ($163.9 million) and declined 12 percent sequentially. As of 31 March 2026, Bloomberry held PHP31.6 billion ($512.9 million) in cash and cash equivalents.
