Maybank IBG Research says it has raised by 23 percent its 2023 earnings forecast for Philippine casino operator and developer Bloomberry Resorts Corp, as the firm’s net income for the first half of this year was “ahead” of market consensus.
The institution also raised its 2024 earnings forecasts by 15 percent, according to a Wednesday memo.
Bloomberry operates the Solaire Resort and Casino property (pictured) in the Metro Manila region. The company is also developing a casino resort project in Vertis, at Quezon City, expected to open next year.
“As the leading casino operator in the Philippines (22 percent of total gross gaming revenue), Bloomberry is a pure play on the country’s discretionary consumption story, which has proven to be resilient,” wrote analyst Alexa Carvajal.
Philippines-listed Bloomberry reported net income attributable to shareholders of just below PHP3.43 billion (US$60.5 million) for the second quarter of 2023, up 15.1 percent from the preceding three months. Judged year-on-year, the figure was up 89.5 percent.
In the first six months of 2023, the casino operator posted net income of PHP6.42 billion, up 158 percent year-on-year.
Bloomberry’s results “are ahead of Maybank IBG/consensus estimates, at 64 percent/69 percent, due to the outperformance in the VIP segment, which account for 36 percent of Bloomberry’s gross gaming revenue,” stated Maybank.
Net gaming revenue for 2023 at Bloomberry is likely to reach circa PHP39.4 billion, Maybank IBG said in an August update.
