Maybank also raised its FY24 earnings forecast by 15%. As a leading casino operator in the Philippines, responsible for 22% of total gaming revenue (GGR), Bloomberry Resorts presents a purely resilient discretionary consumption story in the Philippines.
At the same time, analyst Alexa Mae Carvajal boosted her FY23/24 gaming revenue forecast by 7%, reporting annualized growth of 46% and 10% across all segments. This is due to higher foot traffic and the increasing number of foreign punters.
“Although we adjusted our operating cost assumption by 5%/4% to accommodate higher taxes and licensing costs due to increased GGR, our FY23/24 net profit forecast for Bloomberry still rose 23%/15% to PHP 12.4 billion ($219 million) /PHP 17.1 billion PHP ($322 million),” analysts say.
Maybank is maintaining its schedule for the Solaire North Resort, which is scheduled to open on the 24th, and analysts expect a $1 billion Solaire North Resort construction to increase its GGR by 75% by the third year of operation.
Analysts say ‘Solean North is focused on mass and slots that are domestically led and have higher margins.’
Bloomberry Resorts released 1H23 financial results in early August, reporting Solaire’s total GGR reaching 31.2 billion PHP ($554 million), up 41% from 1H22. This growth has been driven primarily by the domestic market and represented 110% growth compared to levels recorded in 1H19.
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