Bloomberry Resorts Corporation, a leading integrated resort developer and operator in the Philippines, has demonstrated remarkable financial resilience and growth during the first quarter of 2025. The company’s recently opened Solaire Resort North has significantly bolstered overall performance, contributing to a 14% increase in gross gaming revenue (GGR) compared to the same period last year. This expansion comes amid a thriving Philippine gaming market that continues to establish itself as a major player in the Asia-Pacific region.
Financial Performance Highlights
The first quarter of 2025 has proven fruitful for Bloomberry Resorts Corporation, with the company reporting a net income of PHP3.3 billion ($58.6 million), representing a substantial 26% year-over-year increase. This growth was achieved despite some operational challenges at the company’s flagship property. A critical factor in this success was a one-time refinancing gain resulting from the company’s strategic financial management.
Consolidated gross gaming revenue reached an impressive PHP16.8 billion ($298.4 million) in Q1 2025, marking a 14% increase from PHP14.8 billion ($262.8 million) in the comparable period of 2024. The newly operational Solaire Resort North, which has been ramping up operations for approximately ten months, provided a significant boost to these figures.
Non-gaming revenue also saw substantial growth, increasing by 35% to reach PHP3.0 billion ($53.3 million). Overall net revenue climbed 15% to PHP14.4 billion ($255.8 million) compared to the first quarter of the previous year. This diversification of revenue streams demonstrates Bloomberry’s success in developing comprehensive entertainment destinations beyond pure gaming operations.
Despite these positive top-line results, consolidated EBITDA experienced an 11% decrease to PHP4.4 billion ($78.1 million) from PHP4.9 billion ($87 million) in Q1 2024. This decline primarily stemmed from performance challenges at the Solaire Resort Entertainment City property, although the impact was partially offset by Solaire North’s PHP1.1 billion ($19.5 million) EBITDA contribution.
It’s worth noting that when adjusted for the PHP2.9 billion ($51.5 million) one-time, non-cash gain from refinancing the PHP40 billion ($710.4 million) Syndicated Loan Facility completed in February, the company’s net income would have been PHP445.8 million ($7.9 million), representing an 83% year-over-year decrease.
Performance Analysis by Property
Solaire Resort North’s Impressive Debut
The newly opened Solaire Resort North has quickly established itself as a significant contributor to Bloomberry’s portfolio. The property generated an impressive GGR of PHP4.6 billion ($81.7 million) during the first quarter. Its VIP segment demonstrated remarkable performance, with a rolling chip volume of PHP8.9 billion ($158.1 million) and an exceptional VIP hold rate of 5.3%. The mass market segment also performed strongly, with a mass table drop of PHP6.5 billion ($115.4 million) and a hold rate of 30.5%, resulting in mass table GGR of PHP2 billion ($35.5 million).
Solaire North represents a major expansion of Bloomberry’s luxury gaming and entertainment portfolio. The property features 526 guestrooms and suites, a Sky Bar on the 33rd floor offering panoramic district views, 11 restaurants and bars, extensive meeting and banqueting facilities, and 13,150 square meters of gaming space. Recreational amenities include an Olympic-sized outdoor swimming pool, a gym, spa, and children’s play area.
Solaire Resort Entertainment City Faces Challenges
While Solaire North flourished, Solaire Resort Entertainment City experienced a more challenging quarter. GGR at this flagship property declined by 18% year-over-year to PHP12.1 billion ($214.9 million). VIP rolling chip volume decreased by 18% to PHP87.7 billion ($1.56 billion), while the VIP hold rate dropped to 3.19% from 3.99% in the first quarter of 2024.
Despite these challenges, the mass table segment at Solaire Entertainment City showed resilience, with GGR increasing by 7% to PHP4.9 billion ($87 million), even as mass table drop declined by 23%. This indicates improved efficiency and yield management within this segment.
Company Background and Historical Context
Bloomberry’s Journey to Industry Leadership
Bloomberry Resorts Corporation has established itself as a leading force in the Philippine gaming and hospitality industry since its inception. Originally incorporated in 2008 as Bloombury Investments Holdings, Inc., the company’s primary purpose focused on developing and operating tourist facilities. Under the leadership of Chairman and CEO Enrique K. Razón, Jr., who also chairs the Manila-based International Container Terminal Services Incorporated, Bloomberry has evolved into a major player in the Asian gaming market.
The company’s flagship development, Solaire Resort & Casino, marked a significant milestone as the first property to break ground in PAGCOR’s Entertainment City. This ambitious project required an investment commitment of $1.2 billion pursuant to a casino license from PAGCOR (Philippine Amusement and Gaming Corporation). After receiving a provisional license in 2009, the facility initially launched as “Solaire Manila” and broke ground in July 2010. Construction progressed rapidly, with the hotel tower being topped out in June 2012.
In October 2012, the property was renamed “Solaire Resort & Casino,” and Phase 1 was completed in the first quarter of 2013. The resort was officially inaugurated on March 16, 2013, in a ceremony attended by then-President Benigno Aquino III, Bloomberry Chairman Enrique K. Razon Jr., and PAGCOR Chairman Cristino Naguiat Jr.
Philippine Gaming Market Overview
Record-Breaking Industry Growth
The Philippine gaming industry has demonstrated remarkable resilience and growth in recent years. In 2023, the country generated a record PHP285 billion (approximately $5.1 billion) in gross gaming revenue, surpassing pre-pandemic levels by 11.2%. This recovery is particularly impressive considering the severe impact of the COVID-19 pandemic, which had caused GGR to fall to an all-time low of PHP99 billion during the outbreak.
The Philippine Amusement and Gaming Corporation (PAGCOR) has projected even more substantial growth for 2024, with GGR expected to reach PHP336 billion. This optimistic forecast is based largely on the planned opening of several new integrated resorts, including Bloomberry’s Solaire North. Existing integrated resorts already contribute PHP207 billion to the Philippines’ gaming revenue.
Industry experts believe the Philippines is poised to overtake Singapore very soon in terms of GGR, establishing itself with the most dynamic gaming market in the Association of Southeast Asian Nations (ASEAN) region. A key advantage for the Philippine market is that it is the only ASEAN country allowing citizens to enjoy casino gaming without entry restrictions, making local players a significant factor in its growth. Additionally, Korean and Japanese travelers represent important international market segments.
The Philippines also holds the distinction of having the only regulated online gaming market in Asia, providing additional avenues for industry expansion. Regulation is also soon expected for cryptocurrency-based casinos.
Technology Trends and Future Outlook
Digital Innovation in Philippine Gaming
The Philippine gaming industry is experiencing significant technological evolution, with cloud gaming emerging as a particularly promising segment. The Philippines Cloud Gaming Market was valued at approximately USD3.96 million in 2024 and is projected to reach USD16.57 million by 2030, growing at an impressive CAGR of around 22.61% during the forecast period from 2025 to 2030.
This growth is being driven by multiple factors, including increasing popularity among the Gen-Z population, the country’s rapid economic growth, and technological innovation. According to World Bank reports, the Philippine economy grew approximately 5.7% from 2023 to 2024, with the service sector being a major contributor to this acceleration. The unemployment rate has also declined from nearly 4.5% in 2023 to about 3.9% in 2024, with approximately 1.9 million jobs created in the services and industrial sectors alone.
Bloomberry is positioning itself to capitalize on these digital trends, with Enrique K. Razon Jr. announcing the upcoming launch of new online products. Razon stated:
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.
Competitive Landscape
Major Players in Philippine Integrated Resorts
Bloomberry’s Solaire properties face competition from several other major integrated resorts in the Philippines. Notable competitors include Okada Manila and City of Dreams Manila, both located within the Entertainment City gaming strip in Parañaque, Metro Manila.
Okada Manila, an integrated resort established after seven years of construction and opened in 2017, occupies an area of 44 hectares with 26,410.77 square meters dedicated to gaming. The resort features distinctive twin hotel towers (Pearl Wing and Coral Wing), each 15 floors high and connected by sky bridges. The property houses more than 3,000 electronic gaming machines and 500 table games.
City of Dreams Manila is another luxury integrated resort occupying 6.2 hectares within Entertainment City. Together with Solaire and other properties, these integrated resorts have created tens of thousands of jobs over the past decade and attracted high rollers from countries including China, Japan, and South Korea.
A Key Player in Asian Gaming Sector
Bloomberry Resorts Corporation has demonstrated remarkable adaptability and strategic vision in the first quarter of 2025. The successful launch and operation of Solaire Resort North has provided a significant boost to the company’s financial performance, helping to offset challenges faced by its flagship Entertainment City property. With the Philippine gaming market continuing to expand and evolve, Bloomberry appears well-positioned to maintain its leadership role in the industry.
The company’s Basic Earnings per Share stood at PHP0.315 ($0.0056) for Q1 2025, compared to PHP0.231 ($0.0041) in the same quarter last year, reflecting overall positive momentum despite operational challenges. As the company continues to develop its properties and expand into online offerings, Bloomberry remains a key player to watch in the dynamic Asian gaming market.
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