GGRAsia – Bloomberry 2023 net income to be double 2022: Maybank

Bloomberry 2023 net income to be double 2022: Maybank

Aug 10, 2023 Newsdesk Latest News, Philippines, Top of the deck

Net income for 2023 at Philippine casino operator and developer Bloomberry Resorts Corp is likely approximately to double year-on-year, said a Wednesday update from Maybank IBG Research.

The institution expects net income to rise to PHP10.05 billion (US$178.3 million), compared to net income of PHP5.14 billion in 2022, when the Philippine casino market was still affected by restrictions linked to the Covid-19 pandemic.

Maybank additionally forecasts Bloomberry’s full-year net revenues to be PHP47.95 billion, compared to PHP38.81 billion in 2022. The institution expects 2023 gaming revenues to amount to PHP39.40 billion.

Philippines-listed Bloomberry on Wednesday reported net income attributable to shareholders of just below PHP3.43 billion 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.

Group-wide consolidated revenues rose 25.1 percent year-on-year, to nearly PHP12.54 billion. The figure was however down 2.3 percent from the first quarter this year.

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

Bloomberry is also developing a gaming and leisure complex called Solaire Resort North, in Quezon City outside Metro Manila. It is likely to open in the second quarter next year, according to separate analyst commentary, citing management.