Philippine casino operator Bloomberry Resorts Corp reported a net loss of nearly PHP125.0 million (US$2.0 million) for the first three months of 2026. That was on net revenues that declined 8.8 percent year-on-year, to just under PHP13.10 billion, the firm said on Friday.
The first-quarter 2026 net loss compared with a profit of PHP3.31 billion a year earlier, which included a PHP2.9 billion one-time, non-cash refinancing gain relating to the refinancing of a PHP40.0 billion syndicated loan facility, according to the company.
Judged sequentially, Bloomberry’s first-quarter net loss was an improvement on the PHP2.81-billion loss recorded in the fourth quarter of 2025.
Group earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the three months to March 31 stood at nearly PHP2.98 billion, down 32.0 percent year-on-year. The figure was up from PHP1.33 billion in the last quarter of 2025.
Bloomberry’s gross gaming revenue (GGR) was PHP14.67 billion in the opening quarter of 2026, representing a decrease of 12.6 percent from the prior-year period.
“The decline was primarily due to lower GGR” from the group’s first property Solaire Resort Entertainment City, in the Philippine capital, “as the VIP and premium mass segments remain subdued,” the firm stated.
Solaire Resort Entertainment City generated GGR of PHP9.98 billion in the January to March period, down 17.9 percent from a year earlier.
VIP rolling chip volume at the flagship property was PHP53.17 billion in the first quarter, representing a year-on-year decline of 39.4 percent; with GGR in the segment at just under PHP2.00 billion, down 29.1 percent from a year ago.
Last week, Solaire Resort Entertainment City launched two gaming areas aimed at “premium mass” table-game patrons.
The Solaire Resort North complex (pictured) in Quezon City, outside Metro Manila, saw its quarterly GGR increase 1.3 percent year-on-year, to nearly PHP4.70 billion.
Enrique Razon, Bloomberry’s chairman and chief executive, was cited as saying in a press release with the latest quarterly results, that the first three months of 2026 “reflected continued softness in the VIP and premium mass segments, particularly in Entertainment City”.
“We reported a net loss of PHP125 million, which was meaningfully lower than quarterly losses reported in the previous three periods,” he noted.
“For the quarter, we continued to reap benefits from our previous debt refinancing activities which yielded PHP358 million in interest expense savings,” Mr Razon added.
The CEO also confirmed that Bloomberry “exited… in March” the casino sector in South Korea, following the sale of its gaming business involving a small casino hotel – Jeju Sun – on the holiday island of Jeju.
“We realised a PHP403 million gain through this transaction that softened our losses for the quarter,” the executive highlighted.
Mr Razon stated: “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.”
Consolidated cash operating expenses for the reporting period reached PHP10.12 billion, 1.4-percent higher than in the first quarter of 2025. That was due to “higher advertising and promotions and outside services and charges,” the firm noted.
On a sequential basis, cash operating expenses declined by circa 12.0 percent, according to the company.
Mr Razon added in Friday’s results statement: “We recognise 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.”
In mid-April, Mr Razon said Bloomberry would be cutting costs this year amid an expected challenging 2026 for land-based operations.
