Bloomberry Resorts Corp., the gaming firm owned by tycoon Enrique K. Razon Jr., posted a 26 percent rise in net income to P3.3 billion in the first quarter of 2025, boosted by a one-time P2.9-billion gain from the refinancing of a P40-billion syndicated loan facility.

Without the non-cash windfall, the company said on Wednesday that core net income would have been P445.8 million, down 83 percent year-on-year.

Gross gaming revenue (GGR) climbed 14 percent to P16.8 billion, led by the continued ramp-up of Solaire Resort North, now in its tenth month of operations. The mass market segment grew 29 percent year-on-year.

“Solaire North continued to gain ground as GGR across the board increased by 29 percent sequentially, resulting in a P1.1 billion contribution to consolidated EBITDA,” Bloomberry Chairman and CEO Razon Jr. said.

“However, Solaire Entertainment City’s year-over-year results were impacted by softness in gaming volumes arising from slow VIP play and the POGO ban,” Razon added.

Net revenue rose 15 percent to P14.4 billion, while non-gaming revenue jumped 35 percent to P3.0 billion.

Cash operating expenses increased 32 percent to P10.0 billion, mainly due to Solaire North, which was still under construction during the same period last year. The company made no provisions for bad debt.

Consolidated EBITDA declined 11 percent to P4.4 billion. Excluding P279.5 million in Solaire North pre-operating expenses recorded in early 2024, EBITDA would have dropped 15 percent.

Looking ahead, Razon said the company will continue to push the performance of its resort businesses and Solaire Online, while ramping up new online products to be launched in the “coming weeks.”