Billionaire Enrique Razon Jr.’s Bloomberry Resorts Corp., the Philippines’ largest integrated casino operator, is putting the final touches on a new gaming app as it prepares to take on the rising wave of digital gaming platforms.
The operator of Solaire casinos and hotels made it clear which player it plans to challenge.
“The company is currently developing a new online platform that targets a broader audience which will compete directly with offerings of other electronic gaming license holders, including BingoPlus, the online casino brand developed by DigiPlus Interactive Corp.,” Bloomberry said in its latest annual report.
Launch in the next few months?
Solaire Online first launched during the COVID-19 pandemic to reach gamblers locked down inside their homes.
But with market preferences shifting anew, Bloomberry is planning to introduce a new platform and app.
“The company recently shared that they are planning to launch its gaming app sometime in the third quarter of 2025,” said Jeri Alfonso, Unicapital gaming analyst.
Big picture
Razon has built a reputation for staying ahead of the curve, often making significant investments before they’re needed, deploying resources from deep pockets to secure—or even shape—the future.
But by holding back on online gaming earlier, Razon allowed companies like DigiPlus to capture market share and attract investor attention.
Today, DigiPlus (PLUS) is valued at around P157 billion in the stock market, while Bloomberry (BLOOM) stands at P34 billion.
Friendly competition
This also puts Razon against his fellow tycoon Eusebio Tanco, who chairs DigiPlus.
The two are no strangers to competition, friendly or otherwise.
Apart from gaming, they also compete in the cargo ports sector, with Razon leading International Container Terminal Services Inc. while Tanco owns Asian Terminals Inc.
Outside of business, the two are friends who recognize that competition is just part of the game, according to insiders.
Room for upside
Analysts see Bloomberry’s stock near its lowest point after losing over 70 percent in the last 12 months.
Alfred Benjamin R. Garcia, research head at AP Securities, expects earnings to swing higher by the second half of 2025, allowing Bloomberry to post a profit growth of around 10 percent in 2026.
“Based on that admittedly conservative assumption, BLOOM is trading at 13.5 times [projected full-year 2025] earnings, which is already a fair valuation in our opinion,” he said.
He rates BLOOM a buy with a target price of P6.27 per share.
Weaker 2024 performance ‘priced in’
“Despite the softer results, the negative reaction has been quite limited. The company’s bottom line fell short of our expectations due to higher-than-anticipated interest expense,” Alfonso said.
Bloomberry is expected to maintain stable gross gaming revenue (GGR), but profitability could be pressured this year due to rising input costs tied to its online gaming expansion.
“In addition to this, BLOOM is likely to incur higher opex this year, particularly for promotions and marketing, as it ramps up its customer acquisition efforts to catch up with its competitors,” Alfonso said.
“All things considered, we believe recovery is likely to take shape by 2026,” she added.
What’s next?
The market is keeping a close eye on Bloomberry’s next moves, and how DigiPlus, which is expanding overseas, will respond.
This is happening as Senate President Francis “Chiz” Escudero pushes for stricter regulations on online casinos, throwing a curveball at the industry.
While there was a suggestion for an outright ban, analysts see this as unlikely at the moment.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
