Good Morning. Never forget the VIPs. For Bloomberry, a significant drop in VIP play in the first three quarters of last year has led Maybank to slash its estimates for FY25 and FY26. Hopes now are for the new visa-free entry initiative for Chinese nationals to contribute to a significant uptick in play at its Entertainment City property. Looking to South Korea, there was good news from Grand Korea Leisure, which saw overseas visitation drive up its net profit by 42 percent in FY25. Rival Kangwon Land, however, isn’t doing as well – facing a possible siphoning of revenue, as the government needs to prop up its indebted coal operator.
What you need to know
- Maybank revises down its forecasts for Bloomberry on weak VIP, but hopes are for an upside this year due to Chinese visa-free travel.
- Grand Korea Leisure saw a 42.4 percent rise in 2025 net profit, driven primarily by a recovery in overseas customer visitation.
- The South Korean government is eyeing revenue from Kangwon Land to clear $1.67 billion in Korea Coal debt.
On the radar
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AGB Intelligence
PHILIPPINES
Maybank revises down Bloomberry forecasts on weak VIP
Analysts at Maybank have slashed their share price estimates for Bloomberry after results from the first nine months of 2025 saw a significant slump in VIP play. The group is now predicting pronounced losses for FY25 and FY26, as Bloomberry’s Entertainment City property battles the serious VIP headwinds. A possible lifeline could boost earnings, as the expansion of visa-free entry for Chinese nationals might bring in high-rolling punters to Manila.
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