Maybank: Bloomberry Set for 2027 Profit Recovery
Bloomberry Resorts Corp, the parent company of Philippine casino brand Solaire, is expected to return to profit in 2027 after another challenging year in 2026, according to Maybank Securities.
In a note published September 25, 2026, Maybank analyst Raffy Mendoza pointed to a stabilization of Bloomberry's business over the first six months of the year, with the company reporting quarter-on-quarter improvements in both the first and second quarters of 2026.
That improvement was aided by higher VIP gross gaming revenue (GGR) at Solaire Resort Entertainment City and higher slots revenue at Solaire Resort Quezon City.
Losses Narrowing, Profit Seen in 2027
Mendoza said Bloomberry will likely stay in the red in 2026, with core losses of around 2.3 billion Philippine pesos (about $37 million), before recording a profit of around 421 million pesos (about $6.7 million) in 2027, driven by improving VIP demand and growth in the group's online gaming platforms.
"Bloomberry has shown consecutive quarters of EBITDA growth driven by management's prudent cost management initiatives," Mendoza said.
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Context: A Difficult Stretch for Solaire
Bloomberry swung to a net loss in 2025 as weaker high-roller demand and rising costs weighed on profitability, even as newer property Solaire Resort North contributed to growth in mass-market gaming.
The 2027 return-to-profit forecast marks one of the more optimistic outlooks for the operator since that downturn began.
Bloomberry's most recent annual results showed the scale of the downturn Maybank expects it to work through: the company swung to a net loss of 2.6 billion pesos in 2025, from a 2.6 billion peso profit in 2024, as EBITDA fell 39% to 10.2 billion pesos on gross gaming revenue down 3% to 59.8 billion pesos.
The pressure continued into 2026, with Bloomberry posting a first-quarter net loss of 125 million pesos, versus a 3.3 billion peso profit a year earlier, as gross gaming revenue fell 12.6% year-on-year to 14.7 billion pesos and EBITDA dropped 32% to 3.0 billion pesos.
