Maybank Securities Projects Bloomberry Profitability in 2027 After 2026 Losses on VIP and Online Growth

Maybank Securities expects Bloomberry Resorts Corp to return to profit in 2027 after core losses in 2026. The parent of Solaire is forecast to record losses of Php2.3 billion (US$37 million) in 2026 before a profit of Php421 million (US$6.7 million) the following year. The projection centers on higher VIP demand and expansion of the group’s online gaming platforms.

In a note issued Friday, analyst Raffy Mendoza cited business stabilization in the first six months of 2026. Both 1Q26 and 2Q26 delivered quarter-on-quarter improvements. These gains were driven by higher VIP GGR at Solaire Resort Entertainment City and slots revenue at Solaire Resort Quezon City.

Maybank upgraded Bloomberry from Hold to Buy. The firm stated that negatives from the past 18 months have already been priced into the stock, which has fallen close to 40% since January. Mendoza noted consecutive quarters of EBITDA growth from prudent cost management initiatives.

Several catalysts will be monitored in coming quarters. These include recovering VIP GGR through revised commission strategies and securing junket operators. Additional focus areas are growing the contribution from Solaire Quezon City in its second full year of operations and ramping up e-gaming platforms.

Bloomberry President and COO Greg Hawkins told Inside Asian Gaming that the company hopes its online arm can grow to contribute 20% of group-wide GGR by the end of 2027.

Upgrade Rationale

The rating change reflects the view that recent operational progress and cost discipline have positioned the company for a turnaround. Mendoza’s analysis ties the expected 2027 profit directly to visible sequential improvements already recorded in the first half of 2026.

Catalysts Ahead

Execution on VIP recovery, Quezon City scaling, and online growth will determine whether the projected swing to profit materializes. The 20 percent online GGR target by end-2027 provides a concrete benchmark for measuring diversification success.

Reporting: Inside Asian Gaming

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