• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 31 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Morgan Stanley upgrades Bloomberry Resorts estimates on rapid Philippines recovery

Ben Blaschke by Ben Blaschke
Tue 31 May 2022 at 05:16
We’re Back!

Solaire Resort Entertainment City

29
SHARES
730
VIEWS
Print Friendly, PDF & Email

Investment bank Morgan Stanley has upgraded its earnings estimates for Philippines IR operator Bloomberry Resorts Corp, increasing its 2022 EBITDA estimates by 24% to Php14 billion (US$267.6 million), or 71% of 2019 levels.

The upgrade follows stronger than expected results for the March 2022 quarter, announced last week, with Bloomberry’s flagship Manila property – Solaire Resort & Casino – seeing EBITDA, mass table drop and slot volume return to 57%, 61% and 102% of 2019 levels respectively. Analysts Praveen Choudhary, Gareth Leung and Thomas Allen said mass table drop in March was likely back to 75% of 2019 with VIP recovery expected to accelerate from Q2.

“We raise our estimates for 2Q22 and 2022,” the analysts said.

“We expect 2Q22 EBITDA at Php3.3 billion (US$63.1 million) – +14% quarter-on-quarter and 67% of 2019 levels – driven by robust local demand recovery. We increase our 2022 EBITDA estimate by 24% to Php14 billion (US$267.6 million) – +168% year-on-year and 71% of 2019 – and net profit to Php4.4 billion (US$84.1 million) – 42% of 2019 – as we expect pent-up demand and faster travel recovery.”

The analysts also provided some future estimates for Solaire North, the company’s new integrated resort in Quezon City, due to open next year.

In its first full year of operations in 2024, Morgan Stanley predicts GGR of Php25 billion (US$477.7 million) from Solaire North, representing around 45% of Bloomberry’s 2019 revenues, and EBITDA of Php3.6 billion (US$68.8 million) – 18% of 2019 EBITDA.

“These are based on our assumptions that its gaming productivity is at 50% of Solaire Manila’s in 2024 [based on] capacity data,” they wrote.

The analysts have also upgraded their 2023 EBITDA estimate for Bloomberry by 2% to Php18 billion (US$343.9 million) on VIP revenue reaching 60% of 2019 levels, while the addition of Solaire North has seen their 2024 EBITDA estimates grow by 18% to Php25.2 billion (US$481.5 million) – representing 127% of 2019 levels.

RelatedPosts

IAG names Grand Lisboa Palace Resort Macau as venue and SJM Resorts S.A. as Venue Sponsor for 2025 Power 50 Black Tie Gala Dinner

SJM reports widened 1H25 loss despite GGR growing almost 12% to US$1.90 billion

Thu 28 Aug 2025 at 18:54
Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Thu 28 Aug 2025 at 13:15
Winds of change

IAG announces program for 2025 IAG Academy Summit on 9 and 10 September at Manila Marriott, Newport World Resorts

Thu 28 Aug 2025 at 13:01
Asia market roundup

Asia market roundup

Thu 28 Aug 2025 at 12:26
Load More
Tags: Bloomberry Resorts CorporationearningsEbitdagross gaming revenueMorgan StanleyPhilippinesSolaire Resort
Share12Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

The Star Sydney’s casino license in limbo as final report from second inquiry handed to regulator

Son of Star’s largest shareholder joins Star Entertainment Group board as non-executive director

by Newsdesk
Sun 31 Aug 2025 at 09:16

Troubled Star Entertainment Group has announced the appointment of Bruce Mathieson Jr – the son of Australian pub baron and Star’s largest shareholder Bruce Mathieson – as a non-executive director of the company, subject to regulatory approvals. Mathieson Jr, currently...

Melco prices US$750 million Senior Notes offering

Melco Resorts parent Melco International back in the black with US$45 million 1H25 profit

by Ben Blaschke
Sun 31 Aug 2025 at 08:45

Melco’s Hong Kong-listed parent Melco International Development Ltd recorded a profit attributable to owners of the company of HK$350.8 million (US$45.0 million) for the six months to 30 June 2025, buoyed by the improved performance of its gaming and non-gaming...

Morgan Stanley: Macau’s peninsula IRs could claim some GGR share from closure of SJM’s satellites

SJM still in discussions over acquisition of Macau satellite casinos Ponte 16 and L’Arc

by Ben Blaschke
Sun 31 Aug 2025 at 08:43

SJM Holdings is still in discussions over a possible acquisition of two Macau satellite casinos as it continues preparations for the cessation of the city’s satellite industry, management has confirmed. The update formed part of the company’s earnings call late...

Macau hotel occupancy rate reached 91% in July, up 1.9 percentage points year-on-year

Macau hotel occupancy rate reached 91% in July, up 1.9 percentage points year-on-year

by Pierce Chan
Sun 31 Aug 2025 at 06:32

Macau’s hotel occupancy rate surpassed the 90% threshold in July, reaching 91% for a year-on-year gain of 1.9 percentage points, according to information from the Statistics and Census Service. Benefiting from the summer holiday peak season, all tourism metrics in...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English