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Bloomberry Resorts Corp, which owns the leading Philippine casino firm Solaire, will be turning in profit by 2027 amid a tough operating environment this year due to higher VIP customer turnout and the company’s online gaming ventures, said Maybank Securities.
In a Friday report, Raffy Mendoza of Maybank cited the recent stability that the Bloomberry group experienced in its operations in the first six months of this year as evident from positive quarterly earnings in Q1 2026 and Q2 2026. This was aided by higher VIP GGR for Solaire Resort Entertainment City and slots revenue at Solaire Resort Quezon City.
Losses Expected in 2026 Before Turnaround
While Bloomberry will stay in the red in 2026 with core losses of around Php2.3 billion (US$37 million), Mendoza said he expects the company to record a profit of around Php421 million (US$6.7 million) in 2027. The projection reflects a gradual recovery as key revenue drivers gain momentum over the coming quarters.
Maybank has also upgraded Bloomberry from Hold to Buy, arguing that the negative sentiment of the past 18 months has already been priced into the stocks, which have fallen by close to 40% since January. The upgrade signals confidence that the worst of the company’s financial challenges may be behind it.
Mendoza noted that Bloomberry has shown consecutive quarters of EBITDA growth driven by management’s prudent cost management initiatives. The focus on controlling expenses while nurturing revenue streams appears to be laying the groundwork for the anticipated return to profitability.
Catalysts for Recovery
Maybank outlined several factors it will continue to monitor in the coming quarters. These include recovering VIP GGR as management continues to revisit its commission strategy and secure junket operators in Solaire Entertainment City. The VIP segment has been a critical component of Bloomberry’s revenue mix, and its revival is seen as essential to the company’s overall financial health.
Another key catalyst is growing the contribution of Solaire Quezon City as it enters its second full year of operations. The property has already shown strength in slots revenue, and further maturation could enhance its role within the group’s portfolio.
Bloomberry’s ramp-up of its e-gaming platforms also features prominently in the recovery outlook. The online arm is expected to play an increasingly important part in diversifying revenue sources and capturing digital gaming demand.
Online Gaming Target Set for 2027
Greg Hawkins, President and COO of Bloomberry, stated that the firm hopes to have the online business become 20% of the group’s total GGRs by 2027. This reflects the significance of the online platform to the group’s strategy.
The move towards online gaming aligns with the industry’s general trend towards digital interactions, especially considering the need for operators to complement their onsite games with offsite versions. For Bloomberry, attaining this goal will represent a major change in their revenue structure.
Stock Performance Reflects Past Challenges
The close to 40% decline in Bloomberry’s stock price since January reflects the difficulties the company has faced over the past 18 months. However, Maybank’s upgrade suggests that much of this weakness is already reflected in current valuations.
Investors watching for signs of turnaround will likely focus on the company’s ability to execute its VIP recovery plan, grow Solaire Quezon City, and scale its online operations. Success in these areas could provide the momentum needed to shift Bloomberry back into positive territory.
Source: Inside Asian Gaming
