Bloomberry Resorts Corp., operator of Solaire Resort & Casino, fell into the red in 2025, reporting a net loss of P2.6 billion, a sharp reversal from a P2.6 billion profit a year earlier, as softer tourism, the lingering effects of the Philippine offshore gaming operator (POGO) ban, and rising costs weighed on earnings.
The company reported on Friday that softer VIP and premium mass gaming segments offset growth from its newer Quezon City property.
“2025 was a challenging year, marked by softer inbound tourism and the residual effects of the July 2024 POGO ban, which weighed on revenues across VIP and premium mass. Regulatory uncertainty in the online space also tempered the rollout of our newest digital platform,” Bloomberry chairman and chief executive officer Enrique K. Razon Jr. said.
Reflecting the weaker high-end play, Bloomberry reported that its Philippine gaming revenue declined by 3 percent, but noted that the company still outperformed the broader integrated resort market, supported by the continued ramp-up of Solaire Resort North and the resilience of its domestic mass-market business.
Gross gaming revenue slipped 3 percent to P59.8 billion from P61.7 billion in 2024 as industry-wide weakness in high-end gaming persisted. Despite this, net revenue dipped only slightly by 1 percent to P52.5 billion from P53.1 billion, helped by a 21 percent rise in non-gaming income to P12.9 billion.
However, higher spending weighed heavily on results. Cash operating expenses jumped 16 percent to P42.3 billion from P36.5 billion, driven mainly by the full-year operations of Solaire Resort North and investments in MegaFUNalo, the company’s online gaming platform. MegaFUNalo alone accounted for P1.9 billion in operating expenses during the year.
The surge in costs squeezed profitability, pulling consolidated earnings before interest, taxes, depreciation, and amortization down 39 percent to P10.2 billion from P16.6 billion in 2024.
The weaker performance was also reflected in the final quarter. For the fourth quarter alone, Bloomberry booked a net loss of P2.8 billion, wider than the P920.2 million loss recorded in the same period a year earlier.
To cushion the impact of softer revenues, Bloomberry introduced gaming and resort upgrades at its two Solaire properties while tightening spending across the business.
“Our debt refinancing activities in October 2024 and February 2025 have and continue to contribute cost savings as benchmark rates on our floating-rate loans continue to ease. We anticipate further gains from these initiatives in 2026,” Razon said.
“In the online segment, we remain confident in the long-term opportunity as we await greater regulatory clarity and continue strengthening the competitiveness and user experience of our digital platforms,” he added.
As of end-2025, Bloomberry held P26.5 billion in cash and cash equivalents, while total long-term debt stood at P105.4 billion. Equity attributable to shareholders reached P59.2 billion.