Bloomberry to Double Down on iGaming in the Wake of Mixed 2024

Bloomberry Resorts, a Philippine casino operator, has unveiled plans for iGaming growth via a new digital platform. Outlined in the company’s annual report and confirmed during the recent shareholders’ meeting, these plans will see the company capitalize on the rapid growth of online casino gaming in the country.

Bloomberry Focuses on Online Casino Gaming  

During the pandemic, Bloomberry’s Solaire Resort was allowed to accept bets online. In 2021, the company launched Solaire Online, which is currently competing with similar offerings by the operator’s competitors.

At the same time, Bloomberry is currently working on its new platform, which will make the brand more competitive and allow the company to attract more players.

The company is currently developing a new online platform that targets a broader audience which will compete directly with offerings of other electronic gaming license holders, including BingoPlus, the online casino brand developed by Digiplus Interactive Corp.

Bloomberry statement

According to Bloomberry CEO and chair Enrique Razon, the new platform is already functional and is currently being tested. He added that the launch of Solaire Online would align with the company’s continued effort to diversify its business and create new revenue streams.

At the same time, Bloomberry confirmed that it will continue to invest in its land-based business too as it recovers from recent financial setbacks.

Bloomberry’s 2024 Report Showed Mixed Results

Speaking of financial setbacks, Bloomberry’s financial results for 2024 showed that the year wasn’t very favorable to the company. The company’s earnings per share were lower than in both 2022 and 2023, highlighting certain challenges.

The net income plummeted by 73% YOY to PHP 2.58 million, despite a 10% rise in net revenues to PHP 52.76 million.

CEO Razon noted that the company remains optimistic and is planning to focus its efforts on three core areas.

Tactically speaking, our goals are three-fold: redirect Solaire Entertainment City back to growth; increase revenues at Solaire North bringing it to profitability; and further broaden our presence in online gaming.

Enrique Razon, CEO & chair, Bloomberry

Operators Are Trying to Fill the POGO Vacuum

The launch of the new Solaire Online platform comes as Philippine operators are trying to fill the vacuum created by the ban on Philippine offshore gaming operators.

For context, the Philippines banned POGOs in 2024 amid multiple controversies in the sector. Once a cornerstone of the local gaming industry and a major economic stimulus, POGOs proved difficult to control and regulate.

Unfortunately for the government, some of its concerns were proven right as many POGOs refused to exit the local market. The government has so far had mixed success in stopping such companies from operating, with some POGOs engaging in so-called “guerilla tactics.”