MANILA, Philippines – Bloomberry Resorts Corporation of ports tycoon Enrique Razon saw a P2.6-billion net loss in 2025 as the government imposed tighter rules on online gambling and shut down Philippine Offshore Gaming Operations (POGOs).

In a disclosure to the Philippine Stock Exchange on Friday, March 6, Bloomberry reported that the loss was due to several factors such as softer VIP gaming activity and rising costs. The latest earnings report is a reversal from the P2.6 billion profit it made in 2024.

“The increase in cash operating expenses is due to the full-year impact of SN’s [Solaire Resort North] operations and costs incurred by MegaFUNalo, the Company’s broad-mass online gaming platform,” the Solaire operator said.

Bloomberry’s gross gaming revenue (GRR) dropped 3% to just P59.8 billion as contributions from Solaire Resort North in Quezon City and its non-gaming businesses helped offset the slowdown in VIP gaming.

The net loss also comes despite a P2.9-billion one-time refinancing gain linked to the restructuring of a P40-billion loan facility.

Despite the loss, Bloomberry reported non-gaming and other revenues jumped 21% to P12.9 billion.

Razon, who currently serves as Bloomberry’s chief executive officer and chairman, described 2025 as a challenging year for the gaming industry amid softer inbound tourism and the residual effects of the 2024 POGO ban.

“Regulatory uncertainty in the online space also tempered the rollout of our newest digital platform,” he said in a statement.

In January, the Philippine Amusement and Gaming Corporation (PAGCOR) reported that gaming revenues dropped around 2.5% to just P95.15 billion from P97.53 billion amid declining contributions from casinos.

“The decline in revenues from land-based casinos is largely driven by the gradual change in player behavior, with more customers opting for digital and online gaming platforms,” PAGCOR CEO Alejandro Tengco said.

The gambling industry was also placed under scrutiny in 2025 after former public works officials admitted in a Senate blue ribbon committee hearing to laundering government funds meant for flood control projects through casinos.

2025 also saw the push for legislation to ban online gambling due to reports of rampant addiction and other social costs. While legislation proposing the ban is still pending at the Senate level, the Bangko Sentral ng Pilipinas has since ordered all e-wallets to remove its links to online gaming applications. – Rappler.com