Bloomberry keeps profit amid market dip

Listed casino operator Bloomberry Resorts Corp.’s net income for the first half of the year dropped by more than half to P1.9 billion from P4 billion a year ago, weighed down by continued softness in its flagship Solaire Entertainment City’s VIP and premium segments. 

In a stock exchange report on Wednesday, the company disclosed that the decline was also influenced by one-off items related to the refinancing of its P40 billion Syndicated Loan Facility, including P175 million in gross receipts tax-related charges and a P2.9 billion one-time, non-cash refinancing gain.

Notably, in the second quarter alone, the company posted a net loss of P1.4 billion, reversing a profit from the same period last year.

Bloomberry’s consolidated gross gaming revenue (GGR) rose 6 percent to P31.1 billion in the first six months, up from P29.4 billion in the same period last year. Consolidated net revenue grew 9 percent to P27.0 billion.

However, cash operating expenses climbed 24 percent to P20.1 billion, driven partly by a full quarter of operating costs from Solaire North and P509.5 million in expenses for the company’s new online platform, “MegaFUNalo!”.

Earnings before interest, taxes, depreciation, and amortization declined 19 percent to P6.9 billion from January to June, reflecting a decrease from P8.5 billion in 2024, which had been boosted by one-off pre-operating expenses at Solaire North.

“It was a challenging second quarter for Bloomberry as softness persisted in Solaire Entertainment City’s VIP and premium mass segments. However, Solaire North saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter,” Bloomberry Chairman and CEO Enrique K. Razon Jr. said. 

“The gains in our second property contributed to the performance of our Metro Manila mass gaming and non-gaming revenue, which rose 18 percent and 37 percent year-over-year, respectively,” he added. 

To further expand its business, Razon said the company is gearing up to roll out a broader range of content and enhancements on its online platform. These improvements, he said, will strengthen the platform’s appeal and competitiveness in the growing digital gaming market.