Greg Hawkins is betting the house on a two-pronged Solaire revival: tighten the brick-and-mortar operation at Solaire Entertainment City while flipping the online switch to a fully owned platform. Early data shows momentum, but regulatory headwinds and margin pressure remain.
Land and online synergy
- July 2026 launch – Bloomberry rolled out FUNaloMAX, a mass-market iGaming product built on internal tech after the buggy MegaFUNalo rollout.
- Technical overhaul – Hawkins admitted the previous third-party stack suffered “guest experience” glitches, prompting a platform rebuild that now supports live casino, arcade, and streaming movies.
- Brand synergy – FUNaloMAX inherits Solaire’s premium cachet while targeting the broader Filipino online audience, blurring the line between land-based VIP and mass-market digital players.
- Marketing push – Hawkins says the next quarter will see heavy rebate offers and database-driven campaigns to accelerate user acquisition.
- Market traction – Blask’s tracking placed FUNaloMAX 70th of 335 Philippine brands after one month, a respectable foothold in a fragmented market.
Takeaway: Owning the stack eliminates the “teething problems” that cost Bloomberry both reputation and cash, and gives the group direct data on player behavior – a critical asset for cross-sell initiatives.
Land-based turnaround – the numbers that matter
- Q2 2025 vs Q2 2026 – Solaire Entertainment City’s Gross Gaming Revenue (GGR) fell 27% YoY in Q2 2025, with VIP down 62%. In Q2 2026, GGR rose 18%, VIP surged 81%, mass tables up 8%, and slots up 6%.
- EBITDA rebound – Property EBITDA swung from a 61% decline (PHP1.7 bn) to a 40% increase (PHP2.4 bn), lifting margin from 20.8% to 26%.
- Cost discipline – Hawkins attributes the margin lift to “proper focus on cost management and capital expenditure management,” a mantra echoed across the group’s recent earnings call.
- Capital allocation – Capex is being redirected from low-yield casino refurbishments to digital infrastructure, reinforcing the online-first narrative.
Takeaway: The land side is no longer a pure loss-leader; it now serves as a premium funnel feeding the online platform, especially high-roller VIPs who prefer an integrated experience.
Post-POGO fallout – a new revenue calculus
- POGO ban impact – The 2024 ban on Philippine Overseas Gaming Operators stripped Bloomberry of a lucrative Chinese-expat VIP stream that had been subsidising on-shore operations.
- Revenue reallocation – Hawkins notes the cash-rich environment vanished, forcing the company to “strategically adapt” by courting domestic mass players and exploring regional export markets.
- Macro pressure – Ongoing Gulf conflict and fuel price spikes are tightening discretionary spend, a factor Hawkins monitors closely for both land and online segments.
Takeaway: The loss of POGO money forces Bloomberry to rely on organic growth and operational efficiency rather than external cash injections.
Regulatory landscape – the single point of failure
- Pagcor framework – The Philippine Amusement and Gaming Corporation provides a stable licensing regime, but any policy shift could instantly curtail online growth. Hawkins must keep compliance teams well-resourced and maintain contingency plans for rapid regulatory change.
- Internal context – For broader industry perspective, see the earlier analysis on Bloomberry’s digital pivot and the Philippines iGaming hub.
Takeaway: Hawkins must hedge against regulatory surprise by diversifying revenue streams beyond pure online gambling.
Crypto-adjacent signals – why protocol TVL figures matter
- DeFi crossover – While Bloomberry does not yet accept crypto, the broader Asian iGaming sector watches protocol TVL figures for liquidity cues. A surge in decentralized finance activity often precedes increased demand for crypto-friendly gambling products.
- Strategic implication – If Bloomberry decides to integrate crypto payments, it could tap into a high-margin niche and hedge against fiat-currency volatility in the region.
“Crypto-ready platforms can capture a premium on transaction fees and attract a younger, tech-savvy cohort,” notes a senior analyst at a regional fintech think-tank.
Takeaway: Monitoring protocol TVL figures provides an early warning of where betting dollars may flow next – a signal Hawkins should not ignore.
What to watch next
- Q4 2026 platform migration – Solaire Online is slated to move onto the in-house stack this quarter; any outage or performance dip could erode the momentum built by FUNaloMAX.
- Regulatory updates – Pagcor’s upcoming review of online licensing fees could either tighten margins or open the door for new entrants.
- Capital markets – Bloomberg reports that Bloomberry’s bond spreads have narrowed since the EBITDA rebound, suggesting investor confidence but also raising expectations for sustained profit growth.
- Cross-border expansion – Hawkins hinted at “international market upside” – watch for partnership announcements with neighboring ASEAN operators.
- Player sentiment – Track churn rates on FUNaloMAX and VIP migration patterns; a spike in churn could signal friction in the new tech stack.
Bottom line: Hawkins’ dual-front assault is delivering early wins, but the sustainability of the Solaire revival hinges on flawless tech execution, disciplined cost control, and the ability to monetize a post-POGO, crypto-aware player base.