Bloomberry Resorts Corp’s flagship Philippines property, Solaire Resort Entertainment City, could see VIP gaming volumes recover by as much as 30% in 2026 following the introduction of visa-free entry for Chinese tourists, although a more subdued recovery path seems likely, according to Maybank Securities.
In a note, Maybank cut its target price for Bloomberry shares by 44% to Php2.80 and revised its net income estimate from Php2.9 billion (US$49.0 million) in 2025 and Php4.9 billion (US$82.7 million) in 2026 to net loss estimates of Php3.1 billion (US$52.3 million) in 2025 and Php1.0 billion (US$16.9 million) in 2026. This, said analyst Raffy Mendoza, follows the operator’s subdued performance in the nine months through September 2025 amid challenges to Solaire Resort Entertainment City, elevated opex from the launch of online brand MegaFUNalo and higher-than-expected depreciation.
However, the waiving of visa requirements for Chinese visitors provides a potential upswing.
“Combined GGR across casinos in Entertainment City fell 15% year-on-year to Php99.4 billion (US$1.68 billion) in 9M25,” Mendoza observed. “The drop was partly attributed to fewer fly-in VIP punters, evidenced by 50% lower VIP GGR at Bloomberry’s Solaire Entertainment City property.
“We observed that this ties to fewer Chinese tourist arrivals last year. While the Department of Foreign Affairs’ waiver of visa requirements for Chinese nationals should bode well for Entertainment City casinos, we anticipate that it may take a few quarters for VIP volumes to recover.
“Should a quicker impact be felt from the visa waiver, this may lead to 50% higher VIP GGR this year.”
Maybank noted that its base case sees VIP volumes rising 7% year-on-year in 2026, which would likely see VIP represent 17% of Solaire Resort Entertainment City GGR, while its bull case sees volumes rising 30% and comprising 25%. The stated 50% higher VIP GGR from greater visa waiver impact represents the increase from base case to bull case.
Maybank said other headwinds could include the ramp-up of Bloomberry’s eGames platform and Solaire Resort North this year.
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