Bloomberry Resorts Corp has posted a consolidated net loss of approximately PHP 125.0 million (US$ 2.0 million) for the first quarter of 2026.
The negative bottom-line result materialized despite the luxury leisure group generating a solid net revenue of PHP 13.10 billion. This represents a modest 8.8% year-on-year drop, driven primarily by a tightening high-roller market at its flagship Manila property.
VIP Activity Drops at Solaire Entertainment City
The group’s overall gross gaming revenues fell 12.6% to PHP 14.67 billion during the three-month period. Bloomberry attributed the drop to a significant reduction in high-stakes rolling chip volume and premium mass table play at Solaire Resort Entertainment City.
The flagship Manila property generated a total GGR of PHP 9.98 billion, down 17.9% from the comparable period last year. Specifically, VIP rolling chip volume plummeted 39.4% year-on-year to PHP 53.17 billion, causing VIP-specific GGR to drop 29.1% to just under PHP 2.00 billion. To mitigate this volatility in the upper-tier segment, Solaire recently unveiled two premium mass-market gaming floors designed to capture higher-margin, premium casual players.
Solaire North and International Divestment Provide a Cushion
Conversely, the newly opened Solaire Resort North in Quezon City demonstrated operational resilience. The property saw its quarterly GGR grow 1.3% to PHP 4.698 billion, offering a reliable regional hedge against the VIP headwinds in Entertainment City.
Consolidated cash operating costs for the quarter ticked up 1.4% to PHP 10.12 billion, driven by heightened outlays on third-party services, corporate advertising, and local promotions. On a sequential basis, however, operating expenses fell 12.0%, reflecting the initial impact of corporate cost-containment measures.
Bloomberry Resorts Corp Chairman and Chief Executive Enrique Razon outlined the structural challenges and positive cost-saving trends shaping their 2026 outlook:
“The first 3 months of 2026 reflected continued softness in the VIP and premium mass segments, particularly in Entertainment City. The company reported a net loss of PHP 125 million, which was meaningfully lower than the quarterly losses seen in the previous 3 periods. [Bloomberry continued to benefit from] previous debt refinancing activities, which delivered PHP 358 million in interest expense savings during the quarter.”
Razon also confirmed the group’s complete corporate exit from South Korea following the finalized asset sale of the Jeju Sun Casino Hotel:
“Bloomberry realised a PHP 403 million gain from that transaction, which helped soften the quarter’s losses. It is good to see the sequential drop and minimal rise in the yearly operating cost as the results of cost-saving initiatives start showing. The changing political dynamics in the Middle East region are also adding to the existing pressure of higher costs within the operating environment, and the firm will have to step up its cost-saving measures in order to counter volatility.”
The group will continue tightening its operational cost structures to counter macroeconomic headwinds throughout the remainder of the fiscal year.
