• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 10 May 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
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
No Result
View All Result
IAG
No Result
View All Result

Maybank forecasts US$235 million in GGR for Bloomberry Resorts Corp in Q2

Ben Blaschke by Ben Blaschke
Tue 20 Jun 2023 at 06:15
We’re Back!

Solaire Resort Entertainment City

21
SHARES
527
VIEWS
Print Friendly, PDF & Email

Maybank Securities is forecasting gross gaming revenues of Php13.1 billion (US$235 million) and profit of Php1.6 billion (US$28.7 million) for the Philippines’ Bloomberry Resorts in 2Q23, down by 13% and 48% respectively over its strong Q1 results.

In a note, analyst Miguel Sevidal attributed the expected decline to the fact Bloomberry had benefited from above-average hold in both mass and VIP during the March quarter, while the June quarter also tends to be “seasonally weak”.

There is, however, scope for upside surprise should hold rates remain strong or VIP volumes rise further.

“Despite the sluggish recovery of Chinese tourist arrivals, we are encouraged by the strong comeback of Korean tourism, which has provided a meaningful boost to VIP GGR,” Sevidal said.

The analyst also oberves that shares in Bloomberry, operator of Manila’s Solaire Resort Entertainment City, are down 9% month-on-month due to concerns about the sustainability of GGR, a recent Court of Tax Appeals decision ordering the company to pay Php49 million (US$876,000) in unpaid taxes, and the recent selling by beneficiaries of the firm’s stock-incentive plan.

However, only the first two points offer any potential threat to earnings, and the tax payment – should Bloomberry lose an appeal – translates to a small 0.2% increase in cash opex and a 0.5% hit to FY23E earnings.

Sevidal describes the current price of Bloomberry shares as an “attractive entry point for the name” as it represents a 37% discount to Macau peers.

“We forecast Bloomberry is still set to deliver year-on-year EPS (earnings per share) growth of 91% and 48% for FY23 and FY24,” the analyst wrote.

“Quarter-on-quarter growth should also be positive in 3Q23/4Q23 due to seasonal factors, and 2Q24 onwards due to the ramp-up of the new Solaire Resort North.”

RelatedPosts

Winds of change

Melco says working with potential buyers on bidding process for City of Dreams Manila

Fri 9 May 2025 at 06:16
Winds of change

Philippines licensed casinos no longer main GGR driver as gaming revenues fall to US$890 million in 1Q25

Wed 7 May 2025 at 16:12
A New Macau

JP Morgan: Macau’s Golden Week GGR provides “biggest beat” in years at more than MOP$1 billion per day

Tue 6 May 2025 at 17:56
Emerald Bay developer PH Resorts Group warns of going concern risk as 1Q22 losses widen

Main lender reveals plans to sell Emerald Bay site in Cebu after PH Resorts Group misses buyback deadline

Mon 5 May 2025 at 14:27
Load More
Tags: Bloomberry Resorts Corpgross gaming revenueMaybank SecuritiesMiguel SevidalPhilippinesSolaire
Share8Share1
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 – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Galaxy Entertainment Group names Eileen Lui Wai Ling, sister of Francis Lui, as Executive Director

Galaxy Entertainment Group names Eileen Lui Wai Ling, sister of Francis Lui, as Executive Director

by Pierce Chan
Sat 10 May 2025 at 09:20

Galaxy Entertainment Group (GEG) has announced the appointment of Eileen Lui Wai Ling – the company’s current Group Director of Human Resources and Administration and sister of Chairman Francis Lui – as an Executive Director with effect from 9 May...

Asian gaming industry celebrates in style with largest ever The Industry Party at Vista at MGM Cotai

Asian gaming industry celebrates in style with largest ever The Industry Party at Vista at MGM Cotai

by Newsdesk
Sat 10 May 2025 at 08:48

The Asian gaming industry celebrated in style on Thursday night as they came together for the biggest edition of The Industry Party yet. Held at Vista at MGM Cotai on the second evening of G2E Asia, around 400 people enjoyed...

Japan Credit Rating Agency affirms Konami’s A+ rating due to “high earning capacity”

Stability in Australia, North America drives 7.4% revenue growth for Konami’s gaming segment in FY25

by Newsdesk
Fri 9 May 2025 at 06:48

Global gaming supplier Konami reported a 7.4% increase in revenue in its Gaming & Systems segment to JPY42.7 billion in the year ended 31 March 2025, with operating profit up by 16.3% to JPY7.3 billion, according to financial statements published...

MGM’s Hornbuckle bullish on “unique” Macau as China stimulus uncertainty sees gaming stocks dive

MGM’s Bill Hornbuckle extends employment contract through end-2028

by Ben Blaschke
Fri 9 May 2025 at 06:34

MGM Resorts CEO and President Bill Hornbuckle has renewed his employment contract with the company through to the end of 2028, after which time he will assume an advisory role to assist with the pre-opening phase of its US$9 billion...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

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

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
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English