Maybank’s assessment followed a decision by the Philippine government to allow most Chinese passport holders to enter the country without a visa for stays of up to 14 days, effective 16 January, in an effort to boost trade, investment and inbound tourism from China.

Maybank analyst Raffy Mendoza said the policy shift should be a “positive development” for the Philippines’ land-based casino operators like Bloomberry Resorts Corp, which operates the Solaire Resort & Casino in Entertainment City and Solaire Resort North in Quezon City. However, he warned that it could take “a few quarters” before VIP volumes show a sustained recovery.

The Chinese market’s importance to the Philippines’ gaming industry was evidenced by the fact that about 30 percent of the Manila Solaire’s gross gaming revenue (GGR) stemmed from mainland players in the first three quarters of 2025, Mendoza noted. However, the property’s VIP gaming revenue was down by about 50 percent over the period.

Entertainment City casinos saw combined GGR fall 15 percent year-on-year to 99.4 billion pesos (US$1.6 billion) for the period, a decline Maybank attributed to a sharp drop in fly-in VIP players, increased operating expenses from its new e-gaming operations and higher-than-expected depreciation. 

While the visa waiver “should bode well” for the sector, Mendoza said the timing and scale of any recovery remain uncertain. A faster-than-expected response could lift VIP gaming revenue by as much as 50 percent this year, according to his note.

Looking ahead, the brokerage flagged several developments to watch, including the ramp-up of Bloomberry’s e-gaming business, the performance of Solaire Resort North, the planned sale of its Jeju Island casino asset in South Korea, and intensifying competition in Entertainment City – where the Westside City integrated resort is expected to open by the third quarter of 2026.