Table of Contents
Key Takeaway
- 🏢 What Is Bloomberry: Bloomberry Resorts Corporation (PSE: BLOOM) is a Philippine resort and casino operator, best known for Solaire Resort & Casino in Entertainment City, Manila, and Solaire Resort North in Quezon City. Controlled by the Razon family (port operator International Container Terminal Services).
- 💰 2025 Results: Gross gaming revenue of ₱59.8 billion (down 3% YoY). Net loss of ₱2.6 billion (reversal from ₱2.6B net income in 2024) due to weaker VIP demand and residual effects of the July 2024 POGO ban.
- 📈 Valuation: Market cap of ₱20.4-20.6 billion (as of June 2026). Analyst price target of ₱3.07 (potential 70%+ upside). P/E not meaningful due to net loss.
- 🎰 Key Assets: Solaire Resort & Casino (Manila), Solaire Resort North (Quezon City, opened 2024), and Jeju Sun (South Korea, sold March 2026).
- 🌍 OFW Investor Relevance: A recovery play in the Philippine gaming/tourism sector — suitable for OFWs seeking contrarian exposure to the post-POGO recovery and tourism rebound.
What Is Bloomberry Resorts Corporation?
Bloomberry Resorts Corporation (PSE: BLOOM) is a Philippine company engaged in the development, operation, and management of hotel, gaming, and entertainment facilities. The company is best known for operating Solaire Resort & Casino, one of the Philippines’ premier integrated resorts located in Entertainment City, Parañaque. Bloomberry is controlled by the Razon family, which also controls International Container Terminal Services, Inc. (ICTSI), one of the world’s largest port operators.
The company’s flagship property, Solaire Resort & Casino, opened in 2013 and quickly became one of Manila’s leading luxury integrated resorts. The property features approximately 800 hotel rooms, a gaming floor with slot machines and table games, multiple restaurants and bars, a spa, and entertainment venues. Solaire has become a key destination for both domestic and international visitors to Manila, contributing significantly to the Philippines’ tourism and gaming industry.
In 2024, Bloomberry expanded its portfolio with the opening of Solaire Resort North in Quezon City. This second major integrated resort added approximately 550,000 square feet of gaming and entertainment space to the company’s operations. Solaire Resort North generated ₱18.5 billion in revenue in its first full year of operations, partially offsetting weakness in the original Solaire property. The company also previously operated Jeju Sun Hotel & Casino in South Korea, which was sold in March 2026 as part of its strategy to focus on the Philippine market.
For OFW investors, Bloomberry represents a contrarian opportunity in the Philippine gaming and tourism sector. The industry faced significant headwinds from the July 2024 ban on Philippine Offshore Gaming Operations (POGOs), which reduced foot traffic and VIP gaming demand. However, the long-term fundamentals of Philippine tourism remain strong, with the country’s beautiful beaches, cultural attractions, and growing middle class supporting a robust tourism recovery. Bloomberry’s world-class facilities position it to benefit from this recovery. Learn how to invest in Philippine stocks from abroad. You may also want to compare with our ICTSI article — another Razon family-controlled company.
Company Snapshot and Index Weight
As of June 2026, Bloomberry Resorts has a market capitalization of approximately ₱20.4-20.6 billion (about $355 million USD). The company trades at a relatively low valuation compared to its pre-2024 earnings, reflecting the market’s assessment of the near-term challenges facing the gaming sector.
The stock’s analyst consensus price target is ₱3.07, representing approximately 70%+ upside from current levels. This suggests that analysts believe the company’s long-term fundamentals remain intact despite the 2025 loss. The wide range of analyst targets (up to ₱6.30) reflects uncertainty about the pace of recovery in the gaming sector.
Bloomberry is not a PSEi constituent due to its smaller market cap, but it is a significant player in the Philippine gaming sector. The company’s enterprise value of approximately ₱99.6 billion reflects its substantial real estate and gaming assets. The stock’s relatively small float and market cap mean it can be more volatile than larger PSEi constituents, which OFWs should consider when sizing their positions.
The company’s free float is held by a mix of institutional investors, retail shareholders, and the Razon family. The Razon family’s controlling stake provides strategic continuity and aligns management interests with long-term shareholders. The family’s track record in building ICTSI into a global port operator demonstrates their ability to create value across industries.
Financial Performance: Revenue, Earnings, and Dividends
2025 Full-Year Results
Bloomberry Resorts reported its full-year 2025 financial results on March 6, 2026, as disclosed on PSE Edge and the company’s investor relations page. The results reflected a challenging year for the Philippine gaming sector:
- Gross Gaming Revenue (GGR): ₱59.8 billion (down 3% from ₱61.7 billion in 2024)
- EBITDA: ₱10.2 billion (down 39% YoY)
- Net Income/(Loss): Net loss of ₱2.6 billion (reversal from ₱2.6 billion net income in 2024)
- Solaire Resort North Revenue: ₱18.5 billion (first full year of operations)
The net loss was driven by several factors: weaker VIP and premium mass gaming demand following the July 2024 POGO ban, higher operating costs, and increased depreciation from the newly opened Solaire Resort North. The POGO ban, while targeted at offshore gaming operators, had a spillover effect on the broader gaming and entertainment ecosystem in Manila, reducing foot traffic and ancillary spending at integrated resorts.
Despite the net loss, the 39% decline in EBITDA was partially offset by the strong performance of Solaire Resort North, which generated ₱18.5 billion in its first full year. This demonstrates the potential of the company’s expansion strategy and the resilience of the Philippine gaming market outside of the POGO segment.
Quarterly Trends
Bloomberry’s quarterly results in 2025 showed a mixed picture:
- Q1 2025: Net income of ₱3.3 billion (up 26% YoY, boosted by one-time refinancing gain)
- Q3 2025: Net revenue of ₱10.9 billion (up 8% YoY)
- Q1-Q3 2025: Net income of ₱3.5 billion (down 58% from ₱8.3 billion in prior year)
The Q1 2025 results were boosted by a one-time gain from refinancing, masking the underlying weakness in gaming operations. The Q3 results showed some recovery in revenue, but the full-year results reflect the cumulative impact of weaker VIP demand throughout the year.
Refinancing and Balance Sheet
In 2025-2026, Bloomberry took proactive steps to strengthen its balance sheet. The company signed a new credit facility that refinanced ₱93.5 billion in loans obtained in 2018 and 2020, reducing interest costs and extending maturities. Additionally, the company secured a ₱40 billion syndicated refinancing facility. These actions demonstrate the Razon family’s commitment to financial discipline and the company’s ability to access financing despite the near-term challenges in the gaming sector.
The sale of Jeju Sun in South Korea (completed March 2026) further strengthened the balance sheet, allowing Bloomberry to focus its resources on its core Philippine operations. The proceeds from the sale reduced debt and provided liquidity for operations and potential future investments.
Valuation: Analyst Outlook
Bloomberry’s valuation metrics (as of June 2026):
- Market Cap: ₱20.4-20.6 billion
- Enterprise Value: ₱99.57 billion
- P/E Ratio: Not meaningful (net loss in 2025)
- Analyst Price Target: ₱3.07 average (range up to ₱6.30)
- Implied Upside: ~70% from current levels
- ROIC: 0.78% (reflecting the downturn)
The analyst consensus price target of ₱3.07 implies significant upside potential if the company returns to profitability. Analysts are likely modeling a recovery in the gaming sector as the POGO ban effects fade and tourism continues to recover. The wide range of targets (up to ₱6.30) reflects uncertainty about the pace and magnitude of this recovery.
For contrarian OFW investors, Bloomberry’s current valuation represents an attractive entry point if one believes in the long-term recovery of Philippine gaming and tourism. The company’s world-class assets (Solaire Resort & Casino and Solaire Resort North) have intrinsic value that exceeds the current market cap, and the Razon family’s track record provides confidence in management’s ability to navigate the current challenges.
Recent Catalysts and Developments
Several notable developments have shaped Bloomberry’s outlook over the past 12 months:
Solaire Resort North Ramp-Up
Solaire Resort North, which opened in 2024, is still in its ramp-up phase. The property generated ₱18.5 billion in revenue in its first full year, and management expects continued growth as the property builds its customer base and brand awareness. The property’s performance is critical to Bloomberry’s overall financial recovery, as it provides diversification away from the mature Solaire Resort & Casino in Manila.
POGO Ban Aftermath
The July 2024 ban on Philippine Offshore Gaming Operations (POGOs) had a significant spillover effect on the broader gaming and entertainment sector in Manila. While Bloomberry does not operate POGOs, the ban reduced foot traffic in Entertainment City and affected the VIP gaming segment that relies on high-roller visitors associated with the POGO industry. As the market adjusts and legitimate tourism replaces POGO-related traffic, Bloomberry expects a gradual recovery in VIP and premium mass gaming revenue.
Jeju Sun Sale
In March 2026, Bloomberry completed the sale of Jeju Sun Hotel & Casino in South Korea. This strategic exit allows the company to focus entirely on the Philippine market, where it sees the strongest long-term growth potential. The sale also strengthened the balance sheet by reducing debt and freeing up capital for operations and potential future investments.
Refinancing
The company’s refinancing efforts in 2025-2026 (₱93.5 billion credit facility and ₱40 billion syndicated facility) significantly improved Bloomberry’s financial flexibility. Lower interest costs and extended maturities reduce near-term financial risk, providing the company with the runway needed to weather the current downturn in the gaming sector.
Risk Factors to Consider
Before investing in Bloomberry, OFW investors should carefully evaluate the following risks:
Sector-Specific Risks
- Gaming Sector Recovery Uncertainty: The pace of recovery in the Philippine gaming sector is uncertain. If VIP demand takes longer than expected to recover, Bloomberry could continue to report losses or reduced earnings.
- Regulatory Risk: Changes in gaming regulations, tax rates, or government policies could affect Bloomberry’s operations and profitability. The POGO ban demonstrated how government policy can rapidly transform the gaming landscape.
- Competition: Bloomberry faces competition from other integrated resorts in Manila, including City of Dreams Manila, Okada Manila, and Winford Hotel and Casino. Increased competition could pressure margins and market share.
Macro and Geopolitical Risks
- Tourism Recovery: Bloomberry’s performance is closely tied to Philippine tourism. A slowdown in international tourism (due to global economic conditions, geopolitical events, or health crises) would affect the company’s revenue.
- Economic Slowdown: A significant economic slowdown in the Philippines could reduce domestic gaming and entertainment spending, affecting both Solaire properties.
- Middle East Fuel Crisis: The ongoing fuel crisis in the Middle East affects air travel costs and could reduce international tourism to the Philippines, impacting Bloomberry’s VIP and mass gaming segments.
Company-Specific Risks
- Controlling Shareholder: The Razon family maintains a controlling stake in Bloomberry. While the family has a strong track record (ICTSI), minority shareholders have limited influence over major decisions.
- Small Market Cap: Bloomberry’s relatively small market cap (₱20B) means the stock can be more volatile and less liquid than larger PSEi constituents. This can result in wider bid-ask spreads and larger price movements.
How to Invest in Bloomberry from Abroad
OFW investors can purchase Bloomberry shares through Philippine stock brokerage accounts that accept international clients. The process is straightforward:
- Open a brokerage account with a PSE-accredited broker that serves international clients (e.g., BPI Securities, AB Capital Securities, or online platforms like COL Financial)
- Complete KYC requirements including valid ID, proof of address, and tax identification number (TIN)
- Fund the account via international remittance or bank transfer
- Place buy orders for Bloomberry (BLOOM) shares through the broker’s trading platform
At current prices, the minimum board lot (100 shares) costs approximately ₱300-350 (about $5-6 USD). This extremely low minimum makes Bloomberry one of the most accessible Philippine stocks for OFWs starting their investment journey. For OFWs practicing peso-cost-averaging, regular monthly purchases can build a meaningful position at minimal cost.
Bloomberry does not currently pay dividends due to the 2025 net loss. However, if the company returns to profitability, dividends could resume in the future. OFWs should monitor the company’s quarterly earnings reports for signs of recovery before expecting dividend income.
OFW Investor Lens: Why Bloomberry Matters for Remittance-Based Investors
For OFWs building a diversified Philippine portfolio, Bloomberry offers a unique contrarian opportunity:
Contrarian Investment at Attractive Valuation: Bloomberry is currently out of favor due to the POGO ban aftermath and 2025 net loss. However, the company’s world-class assets (Solaire Resort & Casino and Solaire Resort North) have intrinsic value that the market is currently undervaluing. For contrarian investors willing to wait for a recovery, the potential upside is significant (analysts target ₱3.07, implying 70%+ upside).
Exposure to Philippine Tourism: Bloomberry provides direct exposure to the Philippine tourism sector, which the government has identified as a key driver of economic growth. The country’s beautiful beaches, cultural attractions, and growing middle class support a long-term tourism recovery. As tourism recovers, Bloomberry’s integrated resorts benefit from both domestic and international visitor spending.
Razon Family Backing: The Razon family’s controlling stake provides confidence in management’s ability to navigate challenges. The family built ICTSI from a Philippine port operator into a global container terminal business, demonstrating their ability to create long-term value. Their financial discipline (evidenced by the recent refinancing) suggests they will manage Bloomberry through the current downturn effectively.
Portfolio Diversification: For OFWs who already hold Philippine bank stocks, conglomerates, or REITs, Bloomberry provides exposure to the gaming and tourism sector — a different industry with different growth drivers. This diversification reduces portfolio concentration risk and provides exposure to the Philippine consumer’s entertainment spending.
Low Entry Cost: At approximately ₱3.00-3.50 per share, Bloomberry is one of the most accessible Philippine stocks for OFWs with limited investment capital. This low entry cost allows OFWs to build a position without significant capital commitment, making it suitable for beginners or those adding to an existing portfolio.
FAQ
Q: Is Bloomberry a good stock for OFWs?
A: Bloomberry can be a good contrarian investment for OFWs with a higher risk tolerance. The stock is currently out of favor due to the POGO ban aftermath, but the company’s world-class assets and the Razon family’s backing provide long-term potential. The analyst price target of ₱3.07 implies ~70% upside. However, this is a higher-risk investment — the company reported a net loss in 2025, and recovery timing is uncertain. OFWs should only allocate a small portion of their portfolio to Bloomberry and be prepared for volatility.
Q: Why did Bloomberry report a net loss in 2025?
A: Bloomberry reported a ₱2.6 billion net loss in 2025 due to: (1) Weaker VIP and premium mass gaming demand following the July 2024 POGO ban, which reduced foot traffic and gaming revenue; (2) Higher operating costs and depreciation from the newly opened Solaire Resort North; (3) A 39% decline in EBITDA to ₱10.2 billion. The POGO ban had a spillover effect on the broader gaming ecosystem in Manila, even though Bloomberry does not operate POGOs.
Q: What is Solaire Resort North?
A: Solaire Resort North is Bloomberry’s second major integrated resort, located in Quezon City. It opened in 2024 and generated ₱18.5 billion in revenue in its first full year. The property features approximately 550,000 square feet of gaming and entertainment space, including hotel rooms, gaming floors, restaurants, and entertainment venues. Solaire Resort North is a key growth driver for Bloomberry and partially offsets weakness in the original Solaire Resort & Casino in Manila.
Q: Does Bloomberry pay dividends?
A: Bloomberry does not currently pay dividends due to the 2025 net loss. Prior to 2025, the company’s dividend policy was subject to profitability and management discretion. If Bloomberry returns to profitability, dividends could resume. OFWs should monitor quarterly earnings reports for signs of recovery before expecting dividend income.
Q: How does Bloomberry compare to other gaming stocks?
A: Bloomberry is the largest pure-play gaming/resort company listed on the PSE. Its closest comparable is Travellers International Hotel Group (which operates Resorts World Manila), but Travellers is not directly listed — it is a subsidiary of Alliance Global Group. Bloomberry’s market cap of ₱20B makes it smaller than the major PSEi conglomerates but provides focused exposure to the gaming sector. The analyst consensus price target of ₱3.07 implies ~70% upside, making it one of the highest-upside stocks in the Philippine market.
Q: What are the risks of investing in Bloomberry?
A: Key risks include: (1) Uncertain pace of gaming sector recovery, (2) Potential for further regulatory changes affecting the gaming industry, (3) Competition from other Manila integrated resorts, (4) Small market cap leading to higher volatility and lower liquidity, (5) Dependence on the Philippine tourism sector, which is sensitive to global economic conditions. OFWs should size their positions appropriately given these risks.
Q: Can I buy Bloomberry with a very small amount?
A: Yes. At approximately ₱3.00-3.50 per share, the minimum board lot (100 shares) costs only about ₱300-350 (approximately $5-6 USD). This is one of the lowest minimum investments among all PSE-listed stocks, making Bloomberry extremely accessible for OFWs starting their Philippine stock investment journey with limited capital.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. All financial data is sourced from publicly available reports, PSE Edge disclosures, and company investor relations materials as of June 2026. Stock prices, earnings, and dividend yields change daily. Always conduct your own research and consult a licensed financial advisor before making investment decisions. Past performance does not guarantee future results.
