Oct 17, 2023 Newsdesk Latest News, Philippines, Top of the deck  
Philippine casino operator and developer Bloomberry Resorts Corp is likely to post third-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) amounting to PHP4.9 billion (US$86.6 million), down by 9 percent quarter-on-quarter. That is according to an estimate by brokerage Morgan Stanley Asia Ltd, released last week.
Analysts Gareth Leung and Praveen Choudhary wrote in a memo: “We expect this to be the first quarter since 2022 to show a sequential decline in EBITDA.”
Bloomberry’s consolidated EBITDA stood at PHP5.46 billion in the three months to June 30.
The firm is expected to present its third-quarter results next month.
Morgan Stanley attributed Bloomberry’s expected quarter-on-quarter EBITDA decline to market share loss and win rates.
“We expect Solaire [Resort and Casino] to have lower gross gaming revenue market share quarter-on-quarter,” it said. “Part of the decline could be due to win rate fluctuations. We expect slot [business], which relies on domestic demand, to remain robust.”
Bloomberry operates the Solaire 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.
Earlier this month, Bloomberry completed a share placing and subscription transaction. The company raised PHP5.59 billion in fresh funds, according to filings to the Philippine Stock Exchange.
Maybank IBG Research said in mid-September it had raised by 23 percent its 2023 earnings forecast for Bloomberry, 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.
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