Bloomberry shares surge as online gaming launch nears???
Shares of Bloomberry Resorts Corporation surged over 10 percent on Monday following confirmation that the gaming and hospitality group will launch its online gaming platform in the second quarter of 2025. The increase brought the share price to PHP3.54 ($0.06) by the end of the trading session, reflecting investor enthusiasm over the companys expansion into digital gaming.
The platform, currently in testing, is scheduled for release between late May and early June. Bloomberrys Chairman and CEO, Enrique Razon Jr., announced the development during the companys recent annual stockholders meeting. The company’s digital initiative is intended to complement Solaire Online, with a particular focus on expanding the brands reach within the domestic market.
In a local media report, analysts attributed the rise in share price to continued momentum from previous weeks, spurred by optimism around the diversification of Bloomberrys revenue streams. The online gaming venture is part of a wider response to the companys declining earnings, including a 73 percent drop in net income in 2024. The downturn was partly due to ongoing costs associated with Solaire North, the companys second integrated resort which opened in May 2024.
Expansion into competitive iGaming market
With the upcoming launch, Bloomberry will enter a digital gaming sector currently dominated by DigiPlus Interactive Corporations BingoPlus, which boasts a user base of 40 million. The Philippine Amusement and Gaming Corporation (PAGCOR) reported a sharp rise in electronic gaming revenues last year, growing by 309 percent to PHP135.7 billion ($2.4 billion). This segment now contributes over a third of the total gross gaming revenue in the country.
Bloomberry projects that its new platform could generate gross gaming revenues between PHP2.5 billion and PHP3.7 billion ($44.5 million to $65.8 million). Although this represents only a portion of the companys total income, it reflects a strategic pivot as land-based operations face stiff competition and evolving consumer preferences.
Analysts earlier flagged that while the venture is likely to improve Bloomberrys market position, it may also result in increased operating costs. These includes marketing and promotional activities which are expected to play a central role in attracting users and establishing a foothold in the competitive digital space in the Southeast Asian country.
Regulatory climate remains uncertain
Despite the strategic push into online gaming, the broader regulatory landscape poses potential challenges in the country. Philippine Senate President Francis Escudero earlier called for a reassessment of local online gaming operators amid rising concerns over social impact and regulation. While the focus is primarily on the Philippine Inland Gaming Operators (PIGOs), industry participants remain watchful.
