Bloomberry Resorts Corp. on Wednesday said its earnings plummeted by 95 percent in the nine months of the year ending September 30 to P160.1 million, compared with P3.5 billion last year due to its weak performance in the third quarter.
It booked a consolidated net loss of P1.7 billion in July to September, compared to the net loss of P470.2 million in the same period last year.
‘The business environment in the third quarter mirrored that of the first half of 2025. Our consolidated EBITDA [earnings before interest, taxes, depreciation and amortization] declined due to ongoing softness in international high roller activity and increased expenses from the rollout of our online gaming services,’ Enrique K. Razon Jr., Bloomberry chairman and CEO, said.
‘However, the local market remained strong as evidenced by revenue performance at Solaire North, which focuses on the domestic mass market, with gaming and resort revenues rising by 25 percent and 58 percent year-over-year, respectively.
‘The ramp-up of the MegaFUNalo online gaming platform is progressing, although at a slower pace than anticipated, despite regulatory uncertainties. We are actively enhancing our offerings and plan to launch new content in the coming weeks,’ he said.
Consolidated gross gaming revenues (GGR) for the nine months came in flat at P45.7 billion, from the previous P45.5 billion.
Solaire Entertainment City’s GGR fell to P31.9 billion from P40.6 billion in the same period last year.
Solaire North, meanwhile, generated GGR of P13.8 billion in 9 months, compared with the P4.8 billion from May 25 to September 30, 2024.
Consolidated net revenue was P39.7 billion, an increase of 3 percent against P38.5 billion in the same period last year.
For the third quarter, revenues fell 8 percent to P12.7 billion from P13.8 billion last year.
Meanwhile, GGR for the period declined 10 percent to P14.6 billion from P16.3 billion in the third quarter of 2024.
Weakness in the VIP and premium mass segments persisted through the third quarter, it said.
Last March, the company reported that its consolidated net income fell by 72 percent to P2.62 billion last year from P9.52 billion recorded in 2023 on higher depreciation and interest expense associated with Solaire North in Quezon City.
The operator of Solaire Resorts and Casinos said it had a P706.3-million one-off gross receipts tax charge relating to the P72-billion syndicated refinancing facility.
‘In 2024 we reported topline growth despite a challenging operating environment in Metro Manila. The newly opened Solaire Resort North contributed to our GGR [gross gaming revenue] strength as it vastly expanded our presence in the mass market segment,’ said Razon.