Bloomberry swings to net loss in Q1

MANILA, Philippines — Bloomberry Resorts Corp. of tycoon Enrique Razon Jr. is set to intensify its cost-cutting amid rising cost pressures, with the company swinging to a net loss in the first quarter. 

Bloomberry, the company behind the Solaire brand, incurred a net loss of P125 million from January to March, a reversal of the P3.3 billion profit recorded in the same period of 2025.

Razon, chairman and CEO of Bloomberry, said the first three months of 2026 reflected continued softness in the VIP and premium mass segments, particularly in Entertainment City.

“It is encouraging to see a sequential reduction and only a marginal year-over-year increase in operating expenses as our cost discipline initiatives begin to take effect,” Razon said. 

“We recognize that the evolving geopolitical situation in the Middle East is contributing to rising cost pressures across the operating environment; in response, we will intensify our cost-cutting efforts to manage through the volatility,” he said.

Razon said offsetting  the weakness in the company’s bottomline was the P358.1 million in interest expense savings from previous debt refinancing activities.

“Meanwhile, in South Korea, we exited the casino business in March after substantially completing a demerger and share purchase agreement with a South Korean buyer. We realized a P403-million gain through this transaction that softened our losses for the quarter,” Razon said.

Gross gaming revenue for the three months reached P14.7 billion, down by 13 percent from last year’s P16.8 billion, primarily due to lower GGR contributed by Solaire Resort Entertainment City, as the VIP and premium mass segments remain subdued.

Bloomberry’s non-gaming revenue, however, improved by nine percent to P3.2 billion in the first quarter from P3 billion a year ago.

Total GGR at Solaire Resort Entertainment City fell by 18 percent to P10 billion, while that of Solaire Resort North rose by one percent to P4.7 billion.

Solaire Korea’s Jeju Sun exited the casino business in the first quarter. Its non-gaming revenue for the period stood at P121.9 million, up by 32 percent from P92.5 million a year ago. 

Beyond its resorts, Bloomberry also offers digital experiences through the Solaire Online and FUNaloMAX online gaming entertainment platforms.