Bloomberry Resorts recovery faster-than-expected: MS

Bloomberry Resorts’ post-pandemic recovery has been faster-than-expected, according to analysts at Morgan Stanley, who have raised their EBITDA estimates for the year.

The operator of Solaire Resort & Casino in Manila’s Entertainment City is now expected to reach 71 percent of 2019’s EBITDA this year, the firm said.

Bloomberry is now expected to post EBITDA of PHP3.3 billion in 2Q22, up 14 percent on the prior quarter and 67 percent of pre-Covid levels. For the full year, Morgan Stanley has increased its forecast by 24 percent to PHP14 billion. Net profit is expected to by PHP4.4 billion, 42 percent of 2019 levels.

Source: https://agbrief.com/news/philippines/30/05/2022/bloomberry-resorts-recovery-faster-than-expected-ms/