Maybank Securities has raised its FY25 estimates for Bloomberry Resorts Corp and maintained a “BUY” rating due to positive expectations for its newly opened Quezon City integrated resort, Solaire Resort North, adding that it expects the property to contribute 22% of Bloomberry’s group-wide GGR by next year.
The investment bank had previously forecast a 14% contribution in 2025.
The revision follows last week’s grand opening of Solaire Resort North, which adds 520 hotel rooms, 160 gaming tables and 1,600 electronic gaming machines to Bloomberry’s portfolio and complements its existing Solaire Resort Entertainment City, opened in 2013.
“The property intends to attract the mass domestic market of the greater Manila area,” said analyst Raffy Mendoza.
“We were given a tour of Solaire Resort North a few days after the grand opening and were impressed by the property. Most visitors we saw were locals.”
Mendoza has lowered his net income forecast for Bloomberry in 2024 by 8% after the company missed estimates in 1Q24 but said he is raising his 2025 estimates by 1% to Php14.5 billion (US$245 million) “to account for our higher estimates for Solaire Resort North.”
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