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Solaire Resort North shows positive EBITDA in first month of operation but VIP weakness drags Bloomberry Q2 results
Bloomberry Resorts Corp reported a 4% year-on-year decrease in consolidated gross gaming revenues to Php14.5 billion (US$255 million) in the three months to 30 June 2024, with the first contribution from recently opened Solaire Resort North in Quezon City not enough to counter a substantial decline in VIP volumes at the company’s original Entertainment City property.
According to information released Wednesday, Solaire Resort North booked 37 operating days post-opening in 2Q24, in which time it generated total GGR of Php1.1 billion (US$19.3 million) from its mass table games and electronic table games businesses. The property was also EBITDA positive, posting Php250.1 million (US$4.4 million) despite a variety of gaming and non-gaming facilities having not yet launched during the period.
Despite this, consolidated results were subdued, with Bloomberry reporting a 33% decline in group-wide EBITDA to Php3.6 billion (US$63.2 million) while net income fell to Php1.3 billion (US$22.8 million) from Php3.4 billion (US$59.7 million) a year earlier.
The company pointed specifically to continued weakness in VIP, where rolling chip volume at Solaire Resort Entertainment City fell by 32% to Php117.9 billion (US$2.07 billion) and GGR by 21% to Php3.74 billion (US$65.7 million).
“In the second quarter and first half of 2024, our mass gaming revenues across two properties increased year-over-year despite the very high base set in the first half of 2023,” said Bloomberry Chairman and CEO, Enrique K Razon Jr.
“However, continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated EBITDA and net income.
“Despite our weaker consolidated year-over-year performance, I am pleased to report that Solaire Resort North recorded positive EBITDA of Php250 million in its first 37 days of operations. We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp of Solaire in Entertainment City over 11 years ago.
“As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters.”
Solaire Resort North’s GGR result included mass table GGR of Php508 million (US$8.9 million) and EGM GGR of Php629 million (US$11.0 million), while hotel occupancy was 20.1% due to a soft opening phase.
For the first six months of 2024 combined, Bloomberry reported consolidated GGR of Php29.2 billion (US$513 million), down 6% year-on-year, with consolidated EBITDA of Php8.6 billion (US$151 million), down 23%, and net income of Php4.0 billion (US$70.2 million), down 38%.
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Report affirms Ygam’s leading role in gambling harm prevention
The latest Ygam impact report reiterates the integral role that the charity plays in preventing gaming and gambling harms among young people.
Between January 2024 to March 2025, Ygam trained nearly 10,000 delegates and reached and estimated 1.3 million children and young people across the UK – the highest reach figure since its inception in 2014. Recognised as the UK’s leading charity dedicated to prevention gambling harms among young people, Ygam has continued to set the standard in the sector.
The charity has significantly strengthened its focus on data, evaluation, and evidence-based practice, commissioning independent evaluations of four of its flagship programmes. These evaluations have generated robust insights into the long-term effectiveness of Ygam’s approach and are helping to shape the future of prevention education across the UK.
This report brings together a rich body of evidence, including independent evaluations, pre- and post-training feedback, and delegate testimonials – compiled to inform strategic direction and long-term effect.
Ygam’s growing prominence is reflected in its expanding reputation and influence across the youth sector. The charity continues to build strong partnerships with schools, universities, youth organisations, and community groups, ensuring its resources are embedded where they can make the greatest impact. Ygam is now working with esteemed brands including The Scouts, NSPCC, The Children’s Society, TSB Bank, Place2Be, and Barnardo’s.
The charity’s work has also been praised by Gambling Minister Baroness Twycross, who welcomed the publication of the report.
Parliamentary Under-Secretary of State at the Department for Culture, Media and Sport, Baroness Twycross, said: “I welcome this report, which highlights Ygam’s vital role in educating more than one million young people on how to lead safer digital lives.
One of my key priorities as gambling minister is to strengthen protections around those most vulnerable to harmful gambling and I look forward to collaborating with Ygam in future as we continue to build a safer online space for young people.”
Helen Martin, Chief Operating Officer and Interim Chief Executive at Ygam, said: “I’m incredibly proud to present this impact report, which highlights Ygam’s leading role in the prevention field and our recognised expertise in safeguarding children and young people. Central to our success is a strong commitment to collaboration and the transformative power of partnership.
I’m delighted with the strides we’ve made in evaluating our work. While our reach figures are impressive, they represent just one facet of the significant impact we are achieving. By investing time and resources in rigorous evaluation, we ensure our programmes are not only evidence-based but also exemplify best-in-class standards and deliver lasting impact.
Our dedication to thorough evaluation, ongoing learning, and reflective practice empowers us to continually enhance our approach and meet the evolving needs of the communities we support. This commitment will continue to reinforce our position as trusted experts in the field.”
Key findings of the Impact Report 2024/2025:
- 1,324,416 estimated young people reach through delegates trained.
- 9,448 delegates trained in positions of care and influence over young people, including 3,762 teachers and youth workers.
- 1 million social media impressions, marking 322% increase from 2023.
- 97% of delegates would recommend Ygam training to a colleague.
- 97% of delegates felt better equipped to identify and respond to gambling harms following Ygam training.
- 50% of teachers and youth workers said they had implemented the Ygam materials in their classroom within 12 months of completing the training.
- 2,134 volunteer leaders were reached through the Scout Association partnership, safeguarding an estimated 45,000 children and young people.
- 50 universities visited across the UK.
- 115,000 estimated university students reach.
This report reinforces the charity’s commitment to independent evaluation, learning, and reflection, which helps to continuously strengthen their our own portfolio and harm prevention efforts across the wider sector.
You can read Ygam’s full Impact Report 2024-5 here.
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Groove to Showcase Innovative iGaming Solutions at iGB L!VE 2025
“iGB L!VE represents a pivotal moment for the industry,” said Yahale Meltzer, Co-Founder and COO of Groove Technologies. “We’re bringing our most advanced platform yet with technology designed to simplify operations while delivering exceptional player experiences. This is where the future of iGaming takes shape.”
Groove’s modular platform combines seamless integration capabilities with real-time analytics, providing operators with the tools to enhance player engagement and drive growth. The company’s infrastructure is built for high-performance scalability, ensuring reliability for partners worldwide.
The post Groove to Showcase Innovative iGaming Solutions at iGB L!VE 2025 appeared first on European Gaming Industry News.
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Midnite named principal partner of Sheffield United
- Midnite to be Blades’ front-of-shirt sponsor for 2025-26 season
- Lucky season ticket holders will get VIP seat upgrade for every match thanks to Midnite
- Midnite is among UK’s fastest-growing sportsbooks.
Midnite, one of the UK’s fastest-growing online sportsbooks, has been named as the principal partner of Sheffield United for the 2025-26 season.
Midnite’s logo will be on the front of Blades shirts for the men’s and women’s adult first teams, training kits and adult replica shirts. It will also be displayed around Bramall Lane, on home match team sheets, the matchday programme and across the club’s social media channels.
The partnership also launches Midnite Premium Seat Upgrade. This will see two lucky season ticket holders drawn at random before each men’s home league game to enjoy a premium match experience in the prestigious Tony Currie Suite.
Midnite and Sheffield United will also collaborate to bring Blades fans closer to their club with a series of unique moments and unprecedented opportunities throughout the season.
Midnite was the official betting partner of the 2025 World Snooker Championship, held at the Crucible in Sheffield earlier this year.
Jonathan Shaw, Vice President of Growth at Midnite, said: “It’s a privilege for Midnite to become principal partner of Sheffield United for the coming season. The club has a proud history and a strong connection with its supporters and we’re committed to helping make this a memorable season for Blades fans.
“This partnership continues our efforts to grow Midnite as a challenger brand in the UK market, as we look to build our presence and offer a genuine alternative to the established tier-one operators. We’re looking forward to working with the club and its supporters throughout the season.”
Paul Fielder Head of Commercial for Sheffield United Football Club said: “We’re pleased to welcome Midnite as our principal partner for the 2025-26 season. They’ve shown a clear commitment to working with the club and its supporters and we’ve been impressed by their thoughtful and collaborative approach.
“We look forward to developing the partnership over the season and providing Blades fans with some memorable moments along the way.”
Midnite and Sheffield United’s partnership will operate in accordance with the Gambling Commission’s codes of practice.
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