• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Suncity proxy immaterial for Bloomberry’s EBITDA: Nomura

Aug 14, 2019 Newsdesk Latest News, Philippines, Top of the deck  


Suncity proxy immaterial for Bloomberry’s EBITDA: Nomura

Brokerage Nomura says it does not expect Suncity Group’s decision to withdraw from proxy betting to have a significant impact on the results of Philippine casino operator Bloomberry Resorts Corp.

The stockbroking arm of Nomura issued on Tuesday a note on the latest financial results of Bloomberry Resorts which said proxy betting arranged by Suncity Group – said by investment analysts to be one of the largest VIP gambling organisers in Macau – accounts for an “immaterial” portion of Bloomberry Resorts earnings before interest, taxation, depreciation and amortisation (EBITDA).

The Nomura note stated: “Suncity Group has already stopped all its video streaming operations in Solaire. [Bloomberry Resorts] Management highlighted that while about 10 percent of total gross gaming revenues [GGR] are tied to Solaire’s overall video streaming operations, Suncity’s contribution to the EBITDA level is only about 3 percent or lower, which is immaterial, in our view.”

Bloomberry Resorts subsidiaries own and operate the Solaire Resort and Casino (pictured) in Manila, and the Jeju Sun Hotel and Casino on the South Korean island of Jeju.

In July Suncity Group told GGRAsia that it had stopped what it called “tele-betting” outside of Macau. The junket investor said so after Chinese state-backed media questioned the propriety of some of its practices.

Suncity Group publicly denied the online gaming allegations, adding that even if certain “products” – such as proxy betting – were “legally allowed to operate in other countries and regions, the company will not adopt them if the laws of Macau do not allow it”.

In proxy betting, a gambler places bets at a casino remotely, by using by phone or some other device to give instructions to an agent, usually a representative of a junket operator, who is present at the casino. Proxy betting was banned in Macau in 2016, and has since become popular in the Philippine casino market, according to a note issued by Goldman Sachs (Asia) LLC last month.

Both Goldman Sachs and Chinese investment bank China International Capital Corp (CICC) have remarked that the VIP gaming earnings of casinos in the Philippines could suffer if proxy betting were no longer pursued in that market.

Bloomberry Resorts reported last Thursday that its profit rose to nearly PHP2.46 billion (US$47.4 million) in the second quarter of 2019, 50.3 percent more than a year earlier. Second-quarter GGR rose by 19.1 percent to PHP14.76 billion.

Nomura said Bloomberry Resorts’ first-half results were “slightly ahead” of the brokerage’s full-year estimates for the casino operator, supported by growth in the mass-market segment.


  • tweet
Related articles
  • Pagcor missing US$43mln revenue from POGOs: audit
    Pagcor missing US$43mln revenue from...

    Jun 23, 2022  

  • Philippines stays under enhanced monitoring: FATF
    Philippines stays under enhanced...

    Jun 20, 2022  

More news
  • Sega Sammy to launch Genesis Crest 43J cabinet in Asia
    Sega Sammy to launch Genesis Crest 43J...

    Jul 01, 2022  

  • Macau monthly GGR for June worst since Sept 2020
    Macau monthly GGR for June worst since...

    Jul 01, 2022  


Latest News

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Jul 01, 2022  

Casino equipment supplier Sega Sammy Creation Inc said in a Friday release it was debuting its Genesis Crest 43J cabinet in Asia. The product will be available at an in-person trade show, G2E Asia:...
Read More
Macau monthly GGR for June worst since Sept 2020

Macau monthly GGR for June worst since Sept 2020

Jul 01, 2022  

Kangwon 2021 average bet 61pct above foreigner casinos

Kangwon 2021 average bet 61pct above foreigner casinos

Jul 01, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


638

Aggregate number of Covid-19 cases in the latest Macau outbreak, as of Thursday-end



Most Popular

  • Macau tells casinos cut on-duty staff by 90pct: reportsMacau tells casinos cut on-duty staff by 90pct: reports July 1, 2022
  • 5-casino Thai market ok says National Assembly committee5-casino Thai market ok says National Assembly committee June 30, 2022
  • GKL says no biz lift soon from S.Korea-Japan travel easingGKL says no biz lift soon from S.Korea-Japan travel easing July 1, 2022
  • Macau monthly GGR for June worst since Sept 2020Macau monthly GGR for June worst since Sept 2020 July 1, 2022
  • Universal hopes Okada Manila biz listed before Sept 30Universal hopes Okada Manila biz listed before Sept 30 June 30, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us