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Philippines’s Bloomberry corp 2023 rev to reach US$694 million – analysts

August 15, 2023 Philippines Industry Updates

The estimate comes from analysts international banking company Maybank, who cited positive performance of the Philippine casino operator so far this year; year-on-year performance was high, amidst sequential slowdown.

Original story by GGRAsia

Net gaming revenue for 2023 at Philippine casino operator and developer Bloomberry Resorts Corp is likely to reach circa PHP39.4 billion (US$694 million), according to the latest estimate of Maybank IBG Research.

Philippines-listed Bloomberry runs Solaire Resort and Casino, in Entertainment City in the Philippine capital Manila; and Jeju Sun, a hotel with foreigner-only casino on the South Korean holiday island of Jeju.

Bloomberry’s second-quarter net gaming revenue was PHP10.63 billion, with as much as 99 percent of the tally from its Philippines operation at Solaire. That took the casino operator’s net gaming revenue of the first half of this year to PHP21.45 billion, a figure that already represented 54.5 percent of Maybank’s latest projected fully-year net gaming revenue for the firm.

Maybank’s commentary by analyst Alexa Carvajal, mentioned that during the second quarter, Solaire’s VIP rolling chip volume, mass table drop and electronic gaming machine coin-in were PHP 172.48 billion, PHP13.28 billion, and PHP90.01 billion, representing year-on-year growth of 47.0 percent, 42.9 percent, and 16.6 percent, respectively.

The amounts were also all up in quarter-on-quarter terms.

Total gross gaming revenue at Solaire in the second quarter was PHP15.11 billion, representing a year-on-year increase of 15.3 percent, but down 5.8 percent sequentially.

Read the original article by GGRAsia at: https://www.ggrasia.com/bloomberry-2023-net-gaming-rev-estimated-at-us694mln/

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