Bloomberry Eyes VIP GGR Boost After China Visa-Free Rule

Bloomberry Resorts Corp could see a notable lift in VIP gaming at its flagship Solaire Resort Entertainment City in 2026, thanks to the Philippines’ new visa-free entry policy for Chinese tourists. Analysts at Maybank Securities, however, anticipate a slower recovery pace. In their latest note, Maybank reduced Bloomberry’s share target by 44 percent to Php2.80 and revised previous profit forecasts to losses Php3.1 billion ($52.3 million) for 2025 and Php1.0 billion ($16.9 million) for 2026.

Challenges in 9M25 Impact GGR
Solaire’s first nine months of 2025 reflected a weaker performance, with aggregate gross gaming revenue across Entertainment City falling 15 percent year-on-year to Php99.4 billion ($1.68 billion). The decline was largely linked to reduced fly-in VIP traffic, with Solaire’s VIP GGR halving compared to the prior year. Softer Chinese tourist arrivals were a key factor, highlighting the sector’s sensitivity to travel restrictions. While the new visa exemption is expected to stimulate high-roller traffic, Maybank notes it could take several quarters for VIP volumes to return to previous levels. In an optimistic scenario, VIP GGR could rise by up to 50 percent over base assumptions.

Forecasts: Base and Bull Cases
Maybank’s base scenario projects a modest 7 percent year-on-year increase in VIP volumes for 2026, maintaining a 17 percent share of Solaire’s total GGR. Under a more bullish outlook, VIP volumes could climb 30 percent to 25 percent of total GGR, reflecting faster adoption of the visa waiver benefits. The difference between base and bull case outcomes largely depends on how quickly Chinese high-rollers resume visits.

Operational Headwinds
Bloomberry’s growth is also being influenced by the expansion of its online gaming platform MegaFUNalo and the ongoing ramp-up of Solaire Resort North. Elevated operating costs from these initiatives, combined with unexpected depreciation, have weighed on profitability. VIP weakness continues to challenge Solaire, emphasizing its reliance on fly-in players. The visa-free policy addresses this gap, but analysts caution that recovery will be gradual given broader market conditions and regional competition.

Overall, Bloomberry’s prospects hinge on combining new tourist flows with operational improvements to regain VIP market share and stabilize GGR performance.