Bloomberry 1H25 income down 52 percent on continued weakness in Entertainment City

Solaire Resort North mass gaming volumes continue to rise

2Q2025 HIGHLIGHTS:

• Bloomberry’s Gross Gaming Revenue (GGR) was P14.3 billion, representing a decrease of 1% from P14.5 billion in the second quarter of 2024. GGR was impacted by continued weakness in the VIP and premium mass segments, particularly in Solaire Resort Entertainment City (SEC). Solaire Resort North (SN) contributed P4.5 billion in GGR for the quarter which compares to P1.1 billion generated between May 25 and June 30, 2024.
• The combination of Mass tables and Electronic Gaming Machines (EGM) GGR across the company’s two Metro Manila properties continued to expand as it grew 18% year-over-year.
• Consolidated EBITDA was P2.5 billion, lower by 30% compared to P3.6 billion in the second quarter of 2024. The decline was mostly due to a lower contribution from SEC which was impacted by softer gaming volumes as well as “MegaFUNalo!” operating expenses amounting to P461.0 million.
• Consolidated net loss was P1.4 billion, compared with net income of P1.3 billion in the same period last year.

FIRST HALF 2025 HIGHLIGHTS:

• Consolidated GGR was P31.1 billion, representing an increase of 6% from P29.2 billion in the first half of 2024. SEC recorded GGR of P21.9 billion, compared with P28.1 billion in the same period last year. SN generated GGR of P9.1 billion in the first six months, compared to only P1.1 billion covering the May 25 to June 30, 2024 period.
• Consolidated net revenue was P27.0 billion, representing an increase of 9% against P24.8 billion in the same period last year.
• Consolidated EBITDA was P6.9 billion, compared with P8.6 billion in the first six months of the previous year. EBITDA was impacted by P509.5 million of “MegaFUNalo!” operating expenses.
• Consolidated net income was P1.9 billion, compared with P4.0 billion reported in the first half of 2024.

Bloomberry Resorts Corporation (“Bloomberry”, “the Company”), whose subsidiaries own and operate Solaire Resort Entertainment City (SEC), Solaire Resort North (SN), and Jeju Sun Hotel & Casino (Jeju Sun), reported unaudited consolidated financial results for the three months and six ended June 30, 2025.

Enrique K. Razon Jr., Bloomberry Chairman and CEO, commented, “It was a challenging second quarter for Bloomberry as softness persisted in Solaire Entertainment City’s VIP and premium mass segments. However, Solaire North saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter. The gains in our second property contributed to the performance of our Metro Manila mass gaming and non-gaming revenue which rose 18% and 37% year-over-year, respectively.”

“Last June, our new online platform “MegaFUNalo!” was made available to the public on a soft-launch basis. In the coming months, we will introduce more content and enhancements to the platform that will strengthen its competitiveness.”

Consolidated Results

Bloomberry’s Gross Gaming Revenue (GGR) was P14.3 billion, representing a decrease of 1% from P14.5 billion in the second quarter of 2024. In the first six months of 2025, consolidated GGR was P31.1 billion, higher by 6% compared to the same period last year. GGR was impacted by continued weakness in the VIP and premium mass segments, particularly in SEC. Meanwhile, the combined performance of mass table games and electronic gaming machines across the company’s two Metro Manila properties recorded GGR growth of 18% and 24% in the second quarter and first half, respectively.

Contra-revenue accounts in the second quarter decreased by 11% year-over-year to P3.0 billion. This represents 21% of consolidated GGR, compared to 23% in the same quarter last year.

Non-gaming revenue was P3.2 billion for the quarter, representing an increase of 35% from P2.4 billion generated in the same quarter last year. In the first half of 2024, non-gaming revenue was P6.2 billion, higher by 35% year-over-year.

Net revenue in the second quarter was P12.7 billion, representing an increase of 3% from P12.3 billion in the same period last year. Net revenue increased by 9% in the first six months to P27.0 billion.

Cash operating expenses in the second quarter reached P10.2 billion, higher by 17% compared to P8.6 billion in the same quarter last year. Cash operating expenses increased due to the recognition of a full quarter of SN’s operating costs compared to only 37 days in the second quarter of 2024 as well as P461.0 million of “MegaFUNalo!” operating expenses which were not present previously. Cash operating expenses in the first half of 2025 increased by 24% to P20.1 billion of which P509.5 million was attributable to “MegaFUNalo!”. The Company made no provisions for bad debt in the second quarter.

For the quarter, the Company recorded consolidated EBITDA of P2.5 billion, representing a decrease of 30% from P3.6 billion in the same quarter last year. In the first half of 2025, Bloomberry’s EBITDA was P6.9 billion, lower by 19% year-over-year. For comparative purposes, in 2024, a one-off item that impacted EBITDA was SN pre-operating expense which amounted to P764.1 million and P1.1 billion in the second quarter and first half of 2024, respectively.

Bloomberry reported a net loss of P1.4 billion for the quarter which compares to net profit of P1.3 billion in the same period last year. Net income in the first six months was P1.9 billion, down 52% from P4.0 billion in the first half of 2024. For comparative purposes, notable one-off items that impacted net income in the first half of 2025 were both related to the refinancing of the P40 billion Syndicated Loan Facility: 1) P175 million of GRT-related charges and 2) the P2.9 billion one-time, non-cash refinancing gain.

In the second quarter of 2025, the Company reported Basic Earnings per Share (EPS) loss of P0.134, which compares to a gain of P0.118 in the same quarter last year. EPS gain in the first half of 2025 was P0.181, lower than the P0.349 reported in the first half of 2024.

Solaire Resort Entertainment City (SEC)

For the second quarter, total GGR at SEC was P9.8 billion, representing a decline of 27% from P13.3 billion in the second quarter of 2024. GGR was negatively impacted by weaker volumes across all gaming segments and lower win rates in VIP tables and EGMs.

VIP rolling chip volume was P63.9 billion, representing a year-over-year decline of 46%. The VIP hold rate was 2.23% against 3.17% in the second quarter of 2024. VIP GGR was P1.4 billion, declining by 62% compared to P3.7 billion in the same quarter last year.

Mass table drop was P7.9 billion, representing a year-over-year decline of 23%. The mass table hold rate was 49.2%, compared to 41.7% in the same period last year. Mass table GGR was P3.9 billion, down by 9% from P4.3 billion in the second quarter of 2024.

EGM coin-in was P81.2 billion, recording a 12% year-on-year decrease. The EGM hold rate was 5.5% compared to 5.7% in the second quarter of 2024. EGM GGR was P4.5 billion, lower by 16% compared to P5.3 billion in the same quarter last year.

Non-gaming revenue was P2.1 billion, up 2% from P2.0 billion in the same quarter last year. Net revenue was P8.2 billion, down 25% from P11.0 billion in the second quarter of 2024.

SEC generated EBITDA of P1.7 billion which was down 61% from P4.4 billion in the same quarter of last year.

Solaire Resort North (SN)

SN generated GGR of P4.5 billion for the quarter which compares to GGR generated over the May 25 to June 30, 2024 period of P1.1 billion. The property continues to gain traction particularly in the Mass Table and EGM segments.

VIP rolling chip volume was P4.3 billion. At a VIP hold rate of 4.86%, VIP GGR was a P207.3 million.

Mass table drop and EM coin-in was P7.0 billion and P40.1 billion, which compares to P2.3 billion and P10.4 billion, respectively, in the last 37 days of the second quarter of 2024. At a hold rate of 26.7% for mass tables and 6.1% for EGMs, GGR was P1.9 billion and P2.4 billion, respectively.

Non-gaming revenue was P1.0 billion, which compares to P213.0 million in the second quarter of 2024. Net revenue was P4.3 billion, which compares to P1.1 billion in the same period last year.

SN generated EBITDA of P1.1 billion, higher by P818.9 million compared to P250.1 million in the second quarter of 2024.

Jeju Sun Resort & Casino (Jeju Sun)

Solaire Korea’s Jeju Sun recorded gross gaming revenue of P2.5 million, representing a decrease of P33.2 million from P35.7 million in the same quarter last year.

Non-gaming revenue was P126.2 million, up 1% from P125.5 million in the same quarter last year. Net revenue was P128.3 million, lower by 20% year-over-year.

Jeju Sun generated LBITDA of P41.4 million which was lower than the P89.4 million recorded in the second quarter of 2024.

Balance Sheet and Other Items

As of June 30, 2025, Bloomberry had a consolidated cash and cash equivalents balance of P29.6 billion. Total outstanding long-term debt was P106.1 billion, which represents the balance of the current and non-current portions of the P72.0 billion and P40.0 billion Syndicated Refinancing Facilities. Total equity attributable to equity holders of the parent company was P63.4 billion.

Bloomberry had P1.3 billion in net receivables as of June 30, 2025, lower by P1.0 billion from the beginning of the year. Total allowances cover all receivables over 90 days.

About Bloomberry Resorts Corporation

Listed on the Philippine Stock Exchange (PSE: BLOOM), Bloomberry Resorts Corporation is a leader in developing world-class destinations, comprising luxurious accommodations, premier gaming facilities, and exceptional dining. Its portfolio includes Solaire Resort Entertainment City, Solaire Resort North in Quezon City, and Jeju Sun Hotel & Casino (Jeju City) in Korea.

Solaire Resort North, a USD $1.0 billion venture, is the latest addition to the celebrated Solaire brand. It is Quezon City's inaugural luxury destination to offer authentic five-star services and amenities.

For more information, please visit http://www.bloomberry.ph and https://www.solaireresort.com

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