Key points:
- Bloomberry’s revenue increased 15% to PHP 14.35bn
- Net profit also increased 25.9% to PHP 3.31bn
- Solaire Resort North is approaching one year of operations
Bloomberry Resorts has published its Q1 results for the period ending 31 March 2025.
Total revenue was up 15% year-on-year to PHP 14.35bn ($260m), which was bolstered by gross gaming revenue (GGR) increasing 13.7% to PHP 16.8bn.
Solaire Resort Entertainment City contributed PHP 12.15bn of this, while Solaire Resort North brought in PHP 4.64bn in GGR.
Net profit increased 25.9% to PHP 3.31bn, which was fairly equal between the two resorts - with Solaire Resort Entertainment City noting PHP 1.63bn in net profit while Solaire Resort North took the lead with PHP 1.86bn.
However, EBITDA decreased by 11.1% to PHP 4.38bn while the EBITDA margin fell by 8.9 pts.
When looking at the casino figures, slots GGR increased 12% year-on-year to PHP 6.62bn with a 28% increase in spending. The total coin-in figure for this quarter was PHP 124.78bn.
Mass table drop also increased by 35% to PHP 14.99bn, which translated to a mass table GGR of PHP 6.88bn - a 50% increase compared to Q1 in 2024.
However, VIP rates didn’t hold up so well. Rolling chip amounts for VIP decreased 10% to PHP 96.6bn, while the VIP GGR fell 23% to PHP 3.27bn.
Good to know: Solaire Resort North was opened 25 May 2024 as part of a $1bn investment in Quezon City
Enrique K. Razon Jr., Bloomberry Chairman and CEO, commented: “In the first quarter of 2025, Bloomberry’s GGR expanded by 14% year-on-year. GGR generated by the mass tables and electronic gaming machines (EGM) segments across both our Metro Manila properties grew by 29%, powered by a resilient domestic mass market player base.
“Solaire North continued to gain ground as GGR across the board increased by 29% sequentially, resulting in a PHP 1.1bn contribution to consolidated EBITDA. However, Solaire Entertainment City’s year-on-year results were impacted by softness in gaming volumes arising from slow VIP play and the POGO ban.
“We are fully committed to pushing the performance of both of our resort businesses and Solaire Online even as we are focused on ramping our new online product which will be launching in the coming weeks.”
The Solaire Online product was only recently announced as part of an initiative to full the gap left by the POGO ban in the Philippines.
