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Morgan Stanley: Solaire likely lost Manila market share to Okada in 3Q23

Ben Blaschke by Ben Blaschke
Mon 16 Oct 2023 at 18:38
Solaire targets Chinese visitors with addition of WeChat and Alipay
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Bloomberry Resorts has yet to release its financial results for the three months to 30 September 2023, but investment bank Morgan Stanley expects the company’s Manila integrated resort, Solaire, to have lost some market share to its Entertainment City neighbor, Okada Manila.

In a recent note, analysts Gareth Leung and Praveen Choudhary said they anticipate Bloomberry suffering its first EBITDA decline since 2022 in Q3, driven by market share loss and win rates. This, they added, comes after Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) outperformed in releasing its Q3 results last week with EBITDA rising 16% quarter-on-quarter and 90% versus 3Q19 to Php3.6 billion (US$63.4 million).

“We estimate Bloomberry’s 3Q23 EBITDA to be down 9% quarter-on-quarter to Php4.9 billion (78% of 3Q19),” the analysts wrote. “This is 5% below consensus [although] still 7% above 3Q19 (on a hold-adjusted basis).”

Morgan Stanley added that it expects Solaire to have lower GGR market share in 3Q23, albeith with part of the decline likely be due to win rate fluctuations.

The investment bank also expects slot revenues to remain strong but says questions must be asked over what is stopping Chinese gamblers from returning.

Bloomberry most recently reported consolidated EBITDA of Php5.5 billion (US$97.6 million) in the June 2023 quarter, representing a 41% year-on-year increase.

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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.

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