Bloomberry Resorts Corp., the operator of Solaire Resort & Casino, is doubling down on digital gaming and pushing ahead with property expansions to weather the decline of the once-lucrative offshore gaming.
Chairman and CEO Enrique K. Razon Jr. said the company is on track to launch its online gaming platform within the first half as it seeks to tap new revenue sources.
“Our online business is running and undergoing extensive testing. We are on track for a full launch around the end of May, early June,” Razon told shareholders during the company’s annual stockholders meeting on Thursday.
Bloomberry had already said in its latest annual report that the upcoming platform is designed to compete directly with other electronic gaming license holders, including BingoPlus of DigiPlus, one of the current leaders in the online gaming space.
The company's digital shift comes alongside the ongoing ramp-up of Solaire Resort North in Quezon City, which Razon said is showing steady progress.
“Our strategy to recover the loss of POGO revenue since the ban in July of last year is to continuously ramp up new property in Solaire North, ramp up further the Solaire Entertainment City, coupled with the expected growth in the Philippine economy in the near term.
Our strategy of aggressively pursuing our online business is how we intend to recover whatever lost revenue there was,” Razon said.
He added that Solaire North is improving every month and getting closer to profitability, though the company has yet to set a definitive timeline.
“We cannot say exactly when it will return to profitability, but it’s getting closer and closer. Hopefully, as soon as possible, we will be in profitability, similar to how it was here in Solaire Entertainment City in 2013,” he said.
Despite progress, Bloomberry’s bottom line had been under pressure. The company posted a net income of P2.6 billion in 2024, down sharply from P9.5 billion the previous year due to weaker VIP gaming performance and increased expenses related to the launch of Solaire North.
The Quezon City property generated P8.4 billion in gross gaming revenue in its first year, but pre-operating costs, ongoing depreciation, and a one-off P706.3 million Gross Receipts Tax charge weighed on profitability.