Bloomberry Resorts Corp. has posted a strong first quarter for 2025, with total revenue rising 15% year-on-year to PHP 14.35 billion ($260 million). The company’s net profit surged 25.9% to PHP 3.31 billion, marking a solid start to the year bolstered by a robust performance from its newest integrated resort, Solaire Resort North, in Quezon City.
Gross gaming revenue (GGR) reached PHP 16.8 billion, a 13.7% increase compared to Q1 2024. Solaire Entertainment City contributed PHP 12.15 billion in GGR, while Solaire North—approaching its one-year anniversary in May—generated an impressive PHP 4.64 billion, underscoring the property’s rapid ramp-up and market traction in Metro Manila’s northern corridor.
Notably, Solaire North outperformed its older sibling in terms of bottom-line contribution, posting net profit of PHP 1.86 billion, compared to PHP 1.63 billion from Solaire Entertainment City. The performance highlights the early success of Bloomberry’s $1 billion investment in Quezon City, aimed at capturing growing demand from Metro Manila’s northern population and tapping into the broader Luzon tourism corridor.
Operational Trends: Mass Market Drives Growth, VIP Segment Softens
Bloomberry’s results underscore a continued shift toward mass market resilience. Slot machine GGR grew 12% to PHP 6.62 billion, with a 28% increase in player spending. Mass table drop surged 35% to PHP 14.99 billion, driving a 50% year-on-year increase in mass table GGR to PHP 6.88 billion.
However, the VIP segment lagged, with rolling chip volume falling 10% to PHP 96.6 billion and VIP GGR down 23% to PHP 3.27 billion. This drop was partly attributed to subdued high-roller activity, compounded by the ongoing crackdown on POGOs (Philippine Offshore Gaming Operators), which has had knock-on effects on international player traffic and junket play.
EBITDA and Margin Impact
Despite strong top-line growth, EBITDA declined 11.1% to PHP 4.38 billion, with EBITDA margins narrowing by 8.9 percentage points. The margin pressure is linked to initial ramp-up costs at Solaire North and ongoing investments in Bloomberry’s digital strategy.
Digital Ambitions and Strategic Outlook
Looking ahead, Bloomberry is preparing to launch “Solaire Online”, a new digital gaming platform designed to offset the void left by the POGO sector’s decline. The platform is seen as a strategic move to enhance the group’s online presence and reach a broader domestic audience.
Chairman and CEO Enrique K. Razon Jr. commented:
“Solaire North continued to gain ground as GGR across the board increased by 29% sequentially… We are fully committed to pushing the performance of both of our resort businesses and Solaire Online as we ramp up our new online product in the coming weeks.”
Market Context
The Philippines continues to lead regional gaming recovery in Southeast Asia, supported by a strong domestic consumer base and the Philippine Amusement and Gaming Corporation’s (PAGCOR) reforms promoting integrated resort development and digital transformation. Bloomberry’s expansion aligns with these trends, with analysts pointing to potential double-digit revenue growth for Philippine gaming operators in 2025, especially in the mass and slots categories.
With a solid start to the year and Solaire North nearing full operational maturity, Bloomberry is well-positioned to capitalise on growing domestic demand, digital innovation, and the eventual recovery of inbound VIP traffic.
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