Bloomberry Resorts Is on Its Way to Recovery after the Pandemic

Analysts at investment bank Morgan Stanley recently raised the earnings estimates of Bloomberry Resorts after the Philippines-based operator performed better than expected following Q1 of this year. Bloomberry is now projected to reach 71% of its 2019 EBITDA by the end of the fourth quarter, totaling PHP14 billion ($267.6 million).

Bloomberry Is Steadily Returning to Its Pre-pandemic Growth Levels
This most recent earning call is the first time after the start of the COVID-19 pandemic that Bloomberry managed to turn a profit. For comparison, the company reported a net loss of PHP780.8 million in the same quarter last year and PHP1.3 billion in the previous quarter. The Philippines opened its borders to vaccinated tourists in February. In March, casinos in the country were allowed to return to their full operating capacity as anti-Covid measures gradually eased up, which aided the swift recovery.

Bloomberry CEO, Enrique K. Razon, said that this was the first recorded positive growth in eight quarters and expressed his hopes that the company will continue to sustain the recovery for the rest of the year. “If travel constraints among Asian jurisdictions continue to ease, then we may see operations at Solaire ramp up further in the coming quarters,” Razon stated and added that Bloomberry is also equipped and prepared to deal with the potential return to tighter restrictions.

Source: https://www.gamblingnews.com/news/bloomberry-resorts-is-on-its-way-to-recovery-after-the-pandemic/