Bloomberry GGR increases year-over-year in Q1
The rise was mainly attributed to Solaire Resort North.
The Philippines.- Casino operator Bloomberry has shared its financial results for the first quarter of the year. It reported gross gaming revenue (GGR) of PHP16.8bn (US$301m), an increase of 14 per cent in year-on-year terms. The growth was mainly due to the performance of Solaire Resort North (SN), which is 10 months into its ramp up.
The casino operator reported net income of PHP3.3bn (US$59.1m), up 26 per cent year-on-year, mainly due to a one-time, non-cash gain resulting from the refinancing of the company’s PHP40bn (US$716m) Syndicated Loan Facility last February. Without this, net income would have been PHP445.8m (US$8m) or 83 per cent lower in year-on-year terms.
Consolidated EBITDA reached PHP4.4bn (US$78.8m), down 11 per cent, mostly due to lower EBITDA generated by Solaire Resort Entertainment City (SEC) amid lower gaming volumes and a lower VIP and EGM hold rate. The decline was partially offset by PHP1.1bn US$19.7m) in EBITDA from SN.
Net revenue was PHP14.4bn (US$257.9m), up 15 per cent from PHP12.5bn (US$223.86m) in the same period last year. Non-gaming revenue was PHP3bn (US$53.73m), an increase of 35 per cent.
Solaire Resort Entertainment City results
GGR at SEC was PHP12.1bn (US$217m), a decline of 18 per cent. EBITDA was PHP3.4bn (US$60.9m), down 35 per cent year-on-year. Non-gaming revenue was PHP2bn (US$35.8m), down 6 per cent. Net revenue was PHP10bn (US$179m), down 19 per cent.
VIP GGR was down 22 per cent to PHP15.2bn (US$266m) while VIP rolling chip volume was PHP436.1bn (US$7.64bn), down 29 per cent
Mass GGR fell 3 per cent to PHP17.6bn (US$307.8m). The mass table drop was PHP41.1bn (US$719.3m), down 20 per cent. EGM GGR fell by 1 per cent to PHP20.4bn (US$357m).
VIP rolling chip volume was PHP87.7bn (US$1.57bn), down 18 per cent. The VIP hold rate was 3.19 per cent against 3.99 per cent in the first quarter of 2024. VIP GGR was PHP2.8bn (US$50.2m), down 34 per cent.
The mass table drop was PHP8.5bn (US$152m), down 23 per cent. The hold rate was 57.7 per cent, compared to 41.2 per cent in the same period last year. GGR was PHP4.9bn (US$87.8m), up 7 per cent. EGM coin-in was PHP87.8bn (US$1.57bn), a decrease of 10 per cent. GGR was PHP4.4bn (US$78.8m), down 25 per cent.
Solaire Resort North results
SN posted GGR of PHP4.6bn (US$82.4m). That’s a rise of 29 per cent compared to the previous quarter. EBITDA was PHP1.1bn (US$19.7m). Non-gaming revenue was PHP913.7bn (US$1.6bn).
VIP GGR was PHP472.2bn (US$8.5m) while VIP rolling chip volume was PHP8.9bn (US$159.3m). Mass table GGR was PHP2bn (US$35.8m). Mass table drop was PHP6.5bn (US$116.4m). The mass table hold rate was 30.5 per cent. EGM GGR was PHP2.2bn (US$39.4m).
Jeju Sun results
Jeju Sun saw GGR of PHP3.7m (US$0.06m), down 76.28 per cent year-on-year. Non-gaming revenue was PHP92.5m (US$1.66m), up 1 per cent year-on-year, while net revenue was PHP4.6m (US$0.08m), down 12 per cent. Jeju Sun generated LBITDA of PHP59.8m (US$1.07m), which compares to LBITDA of PHP55.7m (US$1m) in the first quarter of 2024.
Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “In the first quarter of 2025, Bloomberry’s Gross Gaming Revenue (GGR) expanded by 14 per cent year-over-year. GGR generated by the Mass Tables and Electronic Gaming Machines (EGM) segments across both our Metro Manila properties grew by 29 per cent, powered by a resilient domestic mass market player base.
“Solaire North continued to gain ground as GGR across the board increased by 29 per cent sequentially, resulting in a PHP1.1bn contribution to consolidated EBITDA. However, Solaire Entertainment City’s year-over-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.”
