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Bloomberry Resorts Corp’s key property, Solaire Resort Entertainment City, stands to gain from a possible 30 percent VIP gaming volume boost in 2026 thanks to the Philippines’ new visa-free entry for Chinese tourists, though analysts at Maybank Securities expect a more gradual climb back. In their latest report, Maybank slashed the target price on Bloomberry shares by 44 percent to Php2.80 and flipped earlier profit projections to losses—Php3.1 billion ($52.3 million) for 2025 and Php1.0 billion ($16.9 million) for 2026.
Analyst Raffy Mendoza attributed the cut to the poor nine-month performance up to September 2025 in Solaire, as well as increased expenses due to the roll-out of the online gaming brand MegaFUNalo, and depreciation that affected the company harder than expected. However, the easing of visa requirements for Chinese tourists is one way for Entertainment City to recover, even if it takes a few quarters.
9M25 Struggles Drag GGR Down
The aggregate gross gaming revenue of the Entertainment City casinos dropped 15 percent from a year ago to Php99.4 billion ($1.68 billion) in the first nine months of 2025. According to Mendoza, the decline was largely due to fewer fly-in VIPs, with Solaire’s VIP GGR having halved from previous numbers. The drop mirrored softer Chinese tourist arrivals, underscoring how travel policies sway high-roller traffic. The visa waiver from the Department of Foreign Affairs should lift all boats in the area, but Maybank figures it needs time, perhaps a few quarters, for VIP numbers to meaningfully rebound. A faster bounce could push VIP GGR 50 percent above base expectations this year, but that’s the optimistic end.
Base and Bull Case Scenarios
Maybank’s standard outlook has VIP volumes edging up 7 percent year-on-year in 2026, holding VIP at 17 percent of Solaire Resort Entertainment City’s GGR. In a stronger scenario, volumes leap 30 percent to claim 25 percent share, reflecting quicker visa waiver effects. The 50 percent VIP GGR lift marks the gap between base and bull, hinging on how swiftly Chinese punters return. These projections balance policy tailwinds against ongoing market softness, with Solaire positioned as a prime beneficiary if tourism picks up steam.
Headwinds from Expansions
Other pressures loom large, including the rollout of Bloomberry’s eGames platform and the full ramp at Solaire Resort North this year. Elevated operating expenses from MegaFUNalo’s debut already weighed on results, alongside depreciation surprises. VIP weakness at Solaire Resort Entertainment City persisted amid fewer high-end visitors, highlighting reliance on fly-ins. The visa change targets that exact gap, but analysts temper hopes for an overnight fix given travel patterns and competition. Bloomberry’s future depends on integrating new visitor traffic with process improvements to regain VIP market share.
Source: Inside Asian Gaming (IAG)
