Solaire North gains momentum as Entertainment City slips, driving Bloomberry to Q2 loss

Bloomberry Resorts Corp ended the second quarter of 2025 in the red, as its flagship Solaire Resort Entertainment City (SEC) grappled with sharp declines in VIP and premium mass gaming, offset only in part by accelerating growth at its year-old Solaire Resort North (SN) in Quezon City.

The group posted a net loss of ₱1.4 billion (US$24.54 million) for April to June, reversing a ₱1.3 billion (US$22.79 million) profit a year earlier. Chairman and CEO Enrique Razon Jr attributed the downturn to “softness” in SEC’s high-end gaming segments, but pointed to SN’s rising mass-market and non-gaming revenues as a bright spot.

At SEC, gross gaming revenue slid 27% year-on-year to ₱9.8 billion ($171.79 million), driven by a 46% fall in VIP rolling chip volume, a 23% drop in mass table drop, and a 12% decrease in electronic gaming machine coin-in. Net revenue fell to ₱8.2 billion ($143.75 million), while EBITDA plunged 61% to ₱1.7 billion ($29.80 million).

SN, by contrast, generated ₱4.5 billion ($78.89 million) in GGR for the quarter, more than quadruple the ₱1.1 billion ($19.28 million) achieved during its initial launch months in 2024. Non-gaming revenue surged to ₱1.0 billion (US$17.53 million) from ₱213.0 million (US$3.73 million) last year, and EBITDA jumped to ₱1.1 billion ($19.28 million) from ₱250.1 million ($4.38 million).

Overall GGR for Q2 slipped 15% to ₱14.3 billion ($250.68 million), with non-gaming revenue up slightly at ₱2.1 billion ($36.81 million). Group EBITDA fell 30% to ₱2.5 billion ($43.83 million).

For the first half of 2025, Bloomberry’s net income dropped 52% to ₱1.9 billion ($33.31 million) from ₱4.0 billion ($70.12 million) a year earlier. Consolidated GGR rose 6% to ₱31.1 billion ($544.44 million) thanks to a 24% lift in mass table and EGM performance across both Metro Manila properties. SN contributed ₱9.1 billion ($159.52 million) in first-half GGR, compared to ₱1.1 billion ($19.28 million) during its launch period last year.

First-half results also included ₱509.5 million ($8.93 million) in operating expenses for MegaFUNalo!, the company’s new domestic online gaming platform. Launched in June on a soft basis, it will receive “more content and enhancements… to strengthen its competitiveness” in the coming months, Razon said.

In South Korea, the Jeju Sun Resort & Casino recorded a steep drop in quarterly GGR to ₱2.5 million ($43,825) from ₱35.7 million ($625,521) a year earlier, though non-gaming revenue inched up 1% to ₱126.2 million ($2.21 million). EBITDA there fell to ₱41.4 million ($725,142) from ₱89.4 million S$1.57 million)