Bloomberry Resorts Corporation, the Philippine operator behind Solaire Resort Entertainment City and Solaire Resort North, posted a net loss of Php125 million in the first quarter of 2026, reversing a Php3.3 billion profit in the same period last year. The decline primarily reflects subdued performance in high-stakes VIP and premium mass gaming at its flagship Entertainment City property, as well as the absence of last year’s one-off gains from refinancing.

Chairman and CEO Enrique K. Razon Jr. noted, “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 Php125 million, which was meaningfully lower than quarterly losses reported in the previous three periods.” He highlighted that prior debt refinancing contributed Php358 million in interest savings, softening the overall impact on the bottom line. Additionally, the sale of Bloomberry’s Jeju Sun property in South Korea generated Php403 million in gains, partially offsetting operational losses.

Performance at Solaire Resort Entertainment City

Solaire Resort Entertainment City (SEC) saw its gross gaming revenue (GGR) decline 18 percent year-on-year to Php10 billion, impacted across all gaming categories. VIP rolling chip volume dropped 39 percent to Php53.2 billion, with VIP GGR falling 29 percent to Php2.0 billion. Mass table gaming revenue decreased 21 percent to Php3.9 billion, while electronic gaming machine (EGM) coin-in fell 22 percent to Php68.9 billion, generating a GGR decline of 8 percent to Php4.1 billion. Non-gaming revenue increased slightly to Php2.0 billion, up 3 percent from the prior year. EBITDA for SEC was reported at Php1.9 billion, down 44 percent from Php3.4 billion in Q1 2025.

Solaire Resort North (SN) in Quezon City posted a 1 percent increase in GGR to Php4.7 billion despite a sharp drop in VIP gaming revenue, which plunged 84 percent to Php77.5 million due to a low hold rate of 1.54 percent. Mass table GGR was stable at Php2.0 billion, while EGM GGR rose 20 percent to Php2.6 billion. Non-gaming revenue increased 19 percent to Php1.1 billion, contributing to an EBITDA gain of 9 percent, which rose to Php1.2 billion compared to Php1.1 billion in the prior year.

Financial Overview and Expenses

Across the group, consolidated GGR fell 13 percent year-on-year to Php14.7 billion, with consolidated net revenue dropping 9 percent to Php13.1 billion. Cash operating expenses totaled Php10.1 billion, slightly higher than last year, driven by increased spending on promotions and external services, though sequentially expenses declined 12 percent. Consolidated EBITDA fell 32 percent to Php3.0 billion. Bloomberry’s basic earnings per share reflected a loss of Php0.012, a reversal from a gain of Php0.315 in Q1 2025.

The company maintains a consolidated cash balance of Php31.6 billion and total long-term debt of Php105.1 billion, reflecting the combined balances of its syndicated refinancing facilities. Net receivables rose to Php1.5 billion, covering nearly all outstanding amounts over 90 days.

Razon emphasized the importance of cost discipline amid global uncertainty in the company’s press release, particularly geopolitical volatility in the Middle East affecting operational costs. Bloomberry remains focused on optimizing its operations and improving efficiency while navigating the softer VIP and premium mass gaming environment. The Jeju Sun exit allows the company to streamline its portfolio, focusing on high-performing Philippine properties and online gaming platforms.