Bloomberry reports a 6% rise in Gross Gaming Revenue to P61.7B in 2024, driven by Solaire Resort North, despite a decline in SEC's VIP segment. Read the full financial update.
The Philippines’ Bloomberry Resorts posted strong revenue growth in 2024, which was offset by a sharp decline in profits the same year, according to their filing with the Securities and Exchanges Commission.
According to the filing, Bloomberry’s gross gaming revenue (GGR) increased by 6% to PHP 61.7 billion (approximately USD 1.1 billion) in 2024, up from PHP 58.3 billion (approximately USD 1.04 billion) in 2023. Solaire Resort North’s opening in May 2024 largely contributed to this growth, according to Bloomberry’s SEC filing. Amidst these financial shifts, Bloomberry also recently announced a change in its leadership, with Greg Hawkins as the Chief Operating Officer.
Non-gaming revenue also showed strong growth, increasing 23% year-over-year to P10.7 billion (approximately USD 191 million). This points to more guests spending money on hotels, food, and entertainment options beyond gambling.
In Q4 2024, Bloomberry saw positive trends in some areas. Consolidated GGR grew 17% year-over-year to P16.2 billion (approximately USD 289 million), while consolidated net revenue increased 22% to P14.6 billion (approximately USD 261 million). EBITDA edged up by 1% to P4.0 billion (approximately USD 71 million).
Despite this revenue growth, Bloomberry's profits took a major hit in 2024. Its earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 14% to PHP 16.6 billion (approximately USD 296 million) from PHP 19.3 billion (approximately USD 345 million) in 2023. Net income dropped 73% to PHP 2.6 billion (approximately USD 46 million) from PHP 9.5 billion (approximately USD 170 million) the previous year. The company also reported a net loss of P920.2 million (approximately USD 16.4 million), compared to a P1.3 billion (approximately USD 23.2 million) profit in Q4 2023.
Several factors to this profit decline included higher expenses related to running the new Solaire North property, increased depreciation costs for the new resort, higher interest expenses from loans taken for expansion, and a one-time tax charge of P706.3 million (approximately USD 12.6 million).
Solaire North’s Role In Bloomberry’s Financial Growth
Despite the drop in revenue, newly opened Solaire Resort North became a key generator for Bloomberry, generating PHP 8.4 billion (approximately USD 150 million) in GGR during its first 221 days. The property saw strong mass gaming revenue, with P3.7 billion (approximately USD 66 million) from table games and P4.5 billion (approximately USD 80 million) from electronic gaming. Despite startup costs, it contributed P1.3 billion (approximately USD 23.2 million) in EBITDA.
Jeju Sun Resort & Casino in South Korea remained a minor contributor, recording P44 million (approximately USD 786,000) in GGR. However, this represented a 42% year-over-year growth. Despite the improvement, the property continues to operate at a loss.
To strengthen its financial position, Bloomberry revalued its land assets, adding P28.7 billion (approximately USD 512 million) to total equity. Additionally, the company secured a P40 billion (approximately USD 714 Million) refinancing deal in February 2025, aimed at reducing interest costs.
Mass Gaming Now The Focus
Bloomberry is now looking at mass gaming and non-revenue sources for profits, seeking to create more stable income streams as the VIP segment at the original Solaire location continues to decline.
Future Challenges And Opportunities
Bloomberry faces several challenges moving forward, including the declining VIP business at the original Solaire location, managing higher costs from the new Solaire North resort, and handling increased interest and depreciation expenses that affect net income. It also remains to be seen how new leadership will impact Solaire’s future.
However, the company also has growth opportunities through further market growth in northern Metro Manila with Solaire North, expanding non-gaming revenue sources, and building on the strong performance of mass gaming segments.
Read related article: Solaire Operator Plans to Launch Gaming App by 2025 Q3
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