Bloomberry Resorts Corp. fell into a P125-million net loss in the first quarter of the year, reversing from a P3.3-billion net income a year earlier, as weak VIP and premium mass gaming volumes dragged down performance at its flagship Solaire Resort Entertainment City (SEC).
The gaming and hospitality firm said on Friday that consolidated gross gaming revenue (GGR) fell 13 percent to P14.7 billion from P16.8 billion in the same period last year, while net revenue dropped 9 percent to P13.1 billion. Consolidated EBITDA declined 32 percent to P3 billion.
“The first three months of 2026 reflected continued softness in the VIP and Premium Mass segments, particularly in Entertainment City. We reported a net loss of P125 million, which was meaningfully lower than quarterly losses reported in the previous three periods,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon Jr. said.
The company said losses were partly offset by P358 million in interest expense savings from an earlier debt refinancing and a P403 million gain from the sale of the Jeju Sun gaming license in South Korea.
“For the quarter, we continued to reap benefits from our previous debt refinancing activities, which yielded P358 million in interest expense savings. Meanwhile, in South Korea, we exited the casino business in March after substantially completing a demerger and share purchase agreement with a South Korean buyer. We realized a P403 million gain through this transaction that softened our losses for the quarter,” Razon said.
At SEC, total GGR dropped 18 percent to P10 billion as all gaming segments recorded weaker volumes. VIP rolling chip volume fell 39 percent to P53.2 billion, while electronic gaming machine coin-in declined 22 percent to P68.9 billion. EBITDA at the property dropped 44 percent to P1.9 billion.
Solaire Resort North partially offset the decline, posting a 1-percent increase in GGR to P4.7 billion and a 9-percent rise in EBITDA to P1.2 billion, driven by stronger electronic gaming machine and non-gaming revenues.
Cash operating expenses rose 1 percent year on year to P10.1 billion due to higher advertising, promotions, and outside services costs, although expenses were down 12 percent sequentially as cost-cutting measures took effect.
“It is encouraging to see a sequential reduction and only a marginal year-over-year increase in operating expenses as our cost discipline initiatives begin to take effect. 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,” Razon said.