The contribution of Solaire Resort North saw Bloomberry Resorts Corp report a 14% increase in group-wide gross gaming revenue to Php16.8 billion (US$301 million) in 1Q25, however ongoing softness in the Manila gaming market saw a continued decline in revenues at the company’s traditional flagship, Solaire Resort Entertainment City.
According to information filed with the Philippine Stock Exchange, total GGR at Solaire Resort Entertainment City fell by 18% year-on-year to Php12.1 billion (US$217 million) including substantial declines across the board.
VIP rolling chip volume of Php87.7 billion (US$1.57 billion) was down 18% with a low win rate seeing GGR drop by 34% year-on-year to Php2.8 billion (US$50.2 million). Mass table drop of Php8.5 billion (US$152 million) was also down 23% year-on-year although favorable win meant GGR actually grew by 7% year-on-year to Php4.9 billion (US$87.8 million). And EGM coin-in of Php87.8 billion (US$1.57 billion) was down 10% with GGR falling by 25% to Php4.4 billion (US$78.8 million).
Non-gaming revenue was down 6% compared with the same period in 2024 to Php2.0 billion (US$35.8 million) as property EBITDA suffered a 35% decline to Php3.4 billion (US$60.9 million).
It was a more positive view at Solaire Resort North which showed strong ramp compared with the December quarter on a 29% increase in GGR to Php4.6 billion (US$82.4 million). VIP GGR came in at Php472.2 million (US$8.5 million), mass table GGR at Php2.0 billion (US$35.8 million) and EGM GGR at Php2.2 billion (US$39.4 million), with property EBITDA of Php1.1 billion (US$19.7 million).
The combined performance of Bloomberry’s two resorts ultimately resulted in an 11% year-on-year group-wide decline in EBITDA to Php4.4 billion (US$78.8 million), with net income rising by 26% to Php3.3 billion (US$59.1 million) thanks to a one-time, non-cash gain resulting from the refinancing of the company’s Php40 billion (US$716 million) Syndicated Loan Facility last February. If not for this, net income would have been Php445.8 million (US$8.0 million) or 83% lower year-over-year, Bloomberry explained.
“Solaire Entertainment City’s year-over-year results were impacted by softness in gaming volumes arising from slow VIP play and the POGO ban,” said Chairman and CEO, Enrique K Razon Jr.
“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.”
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