Bloomberry Swings to PHP 2.6B Net Loss in 2025 as VIP Slump and MegaFUNalo Costs Bite

Bloomberry Resorts Corp. posted a consolidated net loss of PHP 2.6 billion for full-year 2025, the company disclosed in early March 2026, reversing from a PHP 2.6 billion net profit in 2024. The swing of approximately PHP 5.2 billion year on year captures the cumulative weight of three reinforcing pressures: sustained VIP and premium-mass softness at Solaire Entertainment City, the first full year of operating costs at the newly opened Solaire Resort North, and the startup expenses of the MegaFUNalo online gaming platform that launched into a headwind regulatory environment.

The result lands as a backwards-looking confirmation of the trajectory that PH Gaming Intel reported on at the Q1 2026 stage, when Bloomberry posted a PHP 14.2 billion quarterly net revenue figure with VIP rolling chip volume already down 26 percent year on year. The full-year picture extends that quarterly story into a complete reset of the company's profit-and-loss baseline.

The headline numbers

Bloomberry's consolidated gross gaming revenue fell 3 percent to PHP 59.8 billion from PHP 61.7 billion in 2024. Consolidated net revenue edged down 1 percent to PHP 52.5 billion. EBITDA dropped 39 percent to PHP 10.2 billion from PHP 16.6 billion. And the bottom line moved from a PHP 2.6 billion profit to a PHP 2.6 billion loss.

The single most consequential line in the operating results is the EBITDA decline. A 39 percent drop on a relatively small top-line decline of 3 percent is what an operating-leverage cliff looks like in practice. The fixed cost base that supports Solaire Entertainment City, Solaire Resort North, and the MegaFUNalo build-out does not flex down meaningfully when VIP rolling chip volume slips and premium-mass play softens. Cash operating expenses rose 16 percent to PHP 42.3 billion across the year, reflecting the first full year of Solaire Resort North operations alongside the online platform investments.

The reported PHP 2.6 billion net loss includes a PHP 2.9 billion one-time refinancing gain from the restructuring of a PHP 40 billion loan facility. Stripped of that one-time gain, the underlying operating loss is materially larger than the headline number suggests.

The VIP and premium-mass story

The VIP segment at Solaire Entertainment City has been the single largest drag through 2025. Quarter-by-quarter disclosures across the year traced a consistent pattern: rolling chip volume softness, premium-mass weakness, and operating losses that widened through Q3 before partially recovering in Q4 with a stronger Solaire Resort North contribution. Industry analysts have attributed the VIP weakness to a combination of regional high-roller market conditions, the post-pandemic recovery curve plateauing earlier than expected for the Philippine integrated resort segment, and the specific impact of the China outbound gaming travel patterns shifting through 2025.

The premium-mass segment, traditionally a more durable revenue layer than VIP, also showed weakness through 2025. This is the segment that integrated resort operators rely on for the highest-margin, most predictable revenue stream. Premium-mass softness alongside VIP weakness compounds the operating-leverage problem because it removes the cushion that would normally absorb VIP volatility.

Solaire Resort North: doing its job, not enough

Solaire Resort North contributed PHP 18.5 billion in gross gaming revenue across 2025, its first full calendar year of operations after the May 2024 opening. The property is the most significant integrated resort capacity addition to the Philippine market since the original Entertainment City build-out, and it has been operationally on plan. The mass-market and premium-mass response to the new property has been strong; the property's ramp-up has been broadly consistent with management's pre-opening guidance.

The new revenue, however, has been offset by two compounding factors. The first is the full year of operating costs at the new property, which were not present in the 2024 comparison (Solaire Resort North only operated for roughly seven months in 2024). The second is the simultaneous weakness at the older Solaire Entertainment City property, which has historically been Bloomberry's profit center. The net effect is that the new property is performing well in isolation but cannot single-handedly offset the company-wide pressure on the legacy assets and the online expansion costs.

MegaFUNalo: the online dimension

Bloomberry's MegaFUNalo online gaming platform launched into one of the most consequential regulatory windows in recent Philippine gaming history. The August 14, 2025 BSP order requiring e-wallets to delink from online gambling platforms restructured the consumer-funnel architecture for every PAGCOR-licensed online operator essentially overnight. MegaFUNalo, as a relatively new entrant, did not have the established loyal-user base that allowed DigiPlus's BingoPlus to weather the delinking shock with comparatively less damage.

Bloomberry has characterized the MegaFUNalo ramp-up as proceeding at a slower pace than originally anticipated. The platform's contribution to consolidated 2025 results was net negative on an operating basis, with the launch and acquisition costs exceeding revenue contribution. The investment thesis for MegaFUNalo remains intact at the strategic level — Bloomberry is positioning to participate in a domestic online gaming market that PAGCOR continues to grow within its PIGO and e-Games license framework — but the 2025 financial impact is decidedly negative.

The 2026 setup

The setup for Bloomberry into 2026 is structurally challenging on three fronts. The VIP segment outlook remains soft heading into the second half of 2026, with little operator-side or industry-side signal of a near-term inflection. The Solaire Resort North property is now fully embedded in the operating cost base, so 2026 comparisons will not benefit from the partial-year accounting that flattered 2024. And the MegaFUNalo platform faces a post-delinking online gaming addressable market that PH Gaming Intel's parallel analysis suggests has structurally narrowed, not just temporarily contracted.

Against those pressures, the company's Q1 2026 results already showed VIP rolling chip volume down 26 percent year on year. Whether the second half of 2026 brings any inflection will depend substantially on three factors largely outside Bloomberry's control: regional high-roller market conditions, the resolution or continued pressure of the global fuel-driven inflation environment that has pressured consumer discretionary spending, and any further regulatory development on the e-wallet payment-rail front.

The peer comparison

Bloomberry's 2025 result lands alongside DigiPlus Interactive's separately disclosed full-year 2025 net income of PHP 12.6 billion on revenue of PHP 84.2 billion — broadly flat year on year. The two companies sit at different ends of the Philippine gaming sector profitability spectrum, and 2025 widened rather than narrowed that gap. DigiPlus's domestic online platforms absorbed the delinking shock substantially better than Bloomberry's land-based-plus-emerging-online portfolio did, and the post-2025 sector narrative has accordingly tilted toward DigiPlus as the structural winner of the regulatory transition.

The bottom line

Bloomberry's PHP 2.6 billion full-year loss is the cleanest available read on what the 2025 regulatory and demand environment did to a major Philippine integrated resort operator with significant exposure to VIP gaming, a fresh new-property cost base, and an online platform launching into a payment-rail shock. The headline number absorbs all three pressures simultaneously, and the EBITDA decline of 39 percent on top-line softness of only 3 percent shows that the operating-leverage exposure is the through-line story.

For 2026, the structural setup remains pressured. The question is no longer whether 2025 was a difficult year — the results have answered that. The question is whether Bloomberry can stabilize the operating-leverage problem before the secular trend lines turn. The full-year 2026 result will be the first cleanly post-delinking, fully-Solaire-North-loaded read on that question.