Solaire operator Bloomberry Resorts Corporation reported a net loss of Php125 million (US$2.0 million) in the three months to 31 March 2026, reversing the Php3.3 billion (US$53.5 million) in net income reported a year earlier. This was, however, substantially lower than the Php2.8 billion (US$47.7 million) loss previously reported in 4Q25.
The net loss reflected a 13% year-on-year decrease in gross gaming revenue to Php16.8 billion (US$273 million) in Q1, which Bloomberry said was primarily due to the VIP and premium mass segments at Solaire Resort Entertainment City remaining subdued. Solaire Resort North also suffered from a low hold rate in VIP for the quarter.
While the company said its net loss in 1Q26 was partially offset by income from the sale of Jeju Sun in Korea in March and gains from the refinancing of its Syndicated Loan Facility, it also pointed to challenges arising from cost pressures – both from the Middle East conflict and from rising competition between Manila’s integrated resort operators.
Consolidated EBITDA fell 32% year-on-year in Q1 to Php3.0 billion (US$48.7 million).
“The first three months of 2026 reflected continued softness in the VIP and premium mass segments, particularly in Entertainment City,” said Bloomberry Chairman and CEO, Enrique K Razon Jr. “We reported a net loss of Php125 million, which was meaningfully lower than quarterly losses reported in the previous three periods.
“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. 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.”
By property, Solaire Resort Entertainment City saw GGR decline 18% year-on-year in 1Q26 to Php10.0 billion (US$162 million), negatively impacted by lower volumes across all gaming segments.
VIP rolling chip volume of Php53.2 billion (US$863 million) was down 39%, while GGR fell 29% to Php2.0 billion (US$32.4 million). Mass table drop fell by a more marginal 8% to Php7.9 billion (US$128 million) with a 21% decline in GGR to Php3.9 billion (US$63.3 million), while EGM coin-in fell 22% to Php68.9 billion (US$1.12 billion) with an 8% decline in win to Php4.1 billion (US$66.5 million).
Non-gaming revenue of P2.0 billion (US$32.4 million) was up 3% year-on-year.
At Solaire Resort North in Quezon City, GGR grew 1% year-on-year to Php4.7 billion (US$76.2 million) in 1Q26. This was despite VIP GGR plummeting 84% to Php77.5 million (US$1.26 million) on a low 1.54% hold rate versus 5.32% hold a year earlier.
Mass table drop was Php5.6 billion (US$90.8 million), representing a year-over-year decrease of 13%, although GGR grew by 1% to Php2.0 billion (US$32.4 million). EGM coin-in grew by 19% to Php43.9 billion (US$712 million) with EGM GGR rising 20% to Php2.6 billion (US$42.2 million).
Non-gaming revenue also grew 19% year-on-year to Php1.1 billion (US$17.8 million), helping push property EBITDA up 9% to Php1.2 billion (US$19.5 million).
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