the Outsider - PSE Points to Ponder

  VIP weakness and softer mass play dragged first-quarter gaming revenue lower, while margin compression pushed the casino operator into a quarterly loss Bloomberry Resorts Corp. opened 2026 with a reminder that even a larger casino footprint does not fully shield an operator from a downturn in gaming demand. The Enrique Razon-led casino operator reported a 12.6% year-on-year decline in consolidated gross gaming revenue to ₱14.67 billion in the first quarter, as VIP and mass-market activity weakened across its Philippine gaming floors. Philippine VIP rolling chip volume fell 39.7% , mass table drop declined 9.9% , and slot coin-in slipped 9.6% , underscoring a broad slowdown in casino play rather than a single-segment softness.  The decline pushed Bloomberry into a materially weaker earnings position. Consolidated EBITDA dropped 32.0% to ₱2.98 billion , while EBITDA margin narrowed to 22.7% from 30.5% a year earlier. Net income swung to a ₱125.0 million loss , compared with ...

  We’ve been blogging for free. If you enjoy our content, consider supporting us! Disclaimer:  This is for informational purposes and is  not  investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs. In Philippine business lore, Enrique Razon Jr. is the undisputed king of the quayside. In ports, the narrative is almost too easy: global scale, big ships, big contracts, big reputation. But business has a way of humbling neat hierarchies—because in gaming, the scoreboard flips. Eusebio Tanco, best known in ports as the Asian Terminals counterweight to ICTSI’s colossus, is the one running away with the casino-and-clicks race. The punchline is stark: Razon’s Bloomberry Resorts ended 2025 in the red , while Tanco’s DigiPlus is posting surging revenues and hefty profits —with cash piling up fast enough to fund dividends and buybacks in the same breath.  Bloomberry: Bigger ...

  We’ve been blogging for free. If you enjoy our content, consider supporting us! Disclaimer:  This is for informational purposes and is  not  investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs. Bloomberry Resorts Corp. (BLOOM) ended 2025 with a set of numbers that read like a case study in timing risk: the group added a new earnings pillar through Solaire Resort North (SR North) and rolled out MegaFUNalo! , its broad-mass digital gaming platform—both of which raised the cost base—just as the legacy Solaire Entertainment City operation ran into a VIP-led downturn and a weaker hold rate . The result was a sharp compression in EBITDA and a marked decline in operating cash flow , pushing the company into the red for the year.  The headline: from profit to loss, with EBITDA taking the brunt Bloomberry swung to a net loss of about ₱2.6 billion in 2025 from a ro...