• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 8 September 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

Philippines tourism growth to drive recovery of Bloomberry Resorts Corp’s VIP segment

Ben Blaschke by Ben Blaschke
Thu 18 Jan 2024 at 04:42
More fun in the Philippines

Solaire Resort Entertainment City opened in 2013

18
SHARES
452
VIEWS
Print Friendly, PDF & Email

Anticipated recovery of the Philippines’ tourism sector this year is seen as a potential windfall for Philippines casino and integrated resort operator Bloomberry Resorts Corp by aiding an increase in demand within its VIP gaming segment.

In a Wednesday note ahead of Bloomberry’s 4Q23 and FY23 results announcement, Maybank Securities analyst Alexa Mae Carvajal downgraded her earnings forecast for the Solaire Resort operator by 13% to Php10.8 billion (US$193 million) in FY23 and by 23% to Php13.2 billion (US$236 million) in FY24 due to slower-than-expected revenue generation during the September 2023 quarter from both the VIP and slots segments.

However, Carvajal noted that VIP could enjoy a strong recovery in 2024 as international tourist numbers rise, particularly those from China. In particular she pointed to the fact that last year’s 5.5 million arrivals were still only 66% of pre-pandemic levels, with the Department of Tourism having recently set a 2024 target of 7.7 million arrivals.

“The further recovery in the tourism sector could potentially drive the increase in demand for the VIP segment,” the analyst said.

“Currently, foreign players are mainly from South Korea, Taiwan, Singapore and Malaysia, and any uptick from Chinese tourist arrivals would be a potential windfall for Bloom.”

Despite this, Carvajal said she expects most of the company’s growth in the short-term to come from the higher-margin mass and slots segments – particularly with the impending launch of Solaire Resort North, which will add around 150 gaming tables and 2,500 slots to the company’s inventory.

She also noted that her lowered earnings forecast still represents year-on-year growth of 109% in 2023 and 23% in 2024, “Reinforcing our ‘BUY’ recommendation on Bloomberry [stocks].”

“Despite concern about a potential inflation uptick from El Nino, Bloomberry’s discretionary consumption-driven story should hold in FY24 as foot traffic and tourism continue to recover,” Carvajal wrote.

RelatedPosts

Citi: MGM China offering players mini Labubu toys, chance to win a Rolex in latest competitive promotional push

Citi: MGM China offering players mini Labubu toys, chance to win a Rolex in latest competitive promotional push

Mon 8 Sep 2025 at 11:48
MGM Cotai

Bill Hornbuckle: Macau promotional environment now locked in place despite rapid return of VIPs

Fri 5 Sep 2025 at 06:45
Ng Wai Han named as first ever female director of Macau’s gaming regulator

Staffing ratio of locals within Macau’s gaming industry in focus as DICJ promotes two more department heads from Labour Affairs Bureau

Wed 3 Sep 2025 at 14:26
IAG announces Studio City’s Blind Tiger at W Hotel as Venue for Macau After Dark 24 on Thursday 29 August 2024

Moody’s: Melco to significantly reduce leverage through end-2026 on solid revenue growth, profitability

Wed 3 Sep 2025 at 06:29
Load More
Tags: Bloomberry Resorts CorpGamingMaybank SecuritiesPhilippinnesSolaire Resort Entertainment CitySolaire Resort NorthVIP
Share7Share1
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
NWR
NWR

Related Posts

Citi: MGM China offering players mini Labubu toys, chance to win a Rolex in latest competitive promotional push

Citi: MGM China offering players mini Labubu toys, chance to win a Rolex in latest competitive promotional push

by Ben Blaschke
Mon 8 Sep 2025 at 11:48

Macau concessionaire MGM China is now offering players the chance to redeem points in return for mini Labubu toys as part of its latest competitive strategy to defend market share, according to a report by investment bank Citigroup. The company...

PAGCOR’s Alejandro Tengco

2025 IAG EXPO kicks off at Manila’s Newport World Resorts tonight

by Newsdesk
Mon 8 Sep 2025 at 06:47

Today is the day! The 2025 IAG EXPO gets underway this evening, with welcome event Manila After Dark kicking off three actions packed days at Manila’s Newport World Resorts. Tonight’s MAD, taking place at Casa Buenas from 6:30pm, promises to...

MGM Resorts COO Corey Sanders to retire after 30 years with company

MGM Resorts COO Corey Sanders to retire after 30 years with company

by Newsdesk
Sun 7 Sep 2025 at 11:35

MGM Resorts International has announced the retirement of its long-serving Chief Operating Officer Corey Sanders after 30 years with the company. Sanders, who first joined MGM as tax director of MGM Grand in Las Vegas in 1994, will remain as...

Bhumjaithai Party leader and anti-casino voice Anutin Charnvirakul voted in as Thailand’s new Prime Minister

Bhumjaithai Party leader and anti-casino voice Anutin Charnvirakul voted in as Thailand’s new Prime Minister

by Ben Blaschke
Sun 7 Sep 2025 at 10:30

Thailand has officially unveiled its 32nd Prime Minister after the House of Representatives on Friday voted to elect Bhumjaithai Party leader and vocal casino opponent Anutin Charnvirakul to the role. Anutin’s ascension comes after the Pheu Thai Party’s Paetongtarn Shinawatra...

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