Bloomberry expected to reach 71% of 2019 EBITDA this year
Analysts at Morgan Stanley say the company has recovered faster than expected from the Covid-19 pandemic.
The Philippines.- After recording positive net earnings for the first time in eight quarters for the first quarter of the year, Bloomberry Resorts Corp is now expected to reach 71 per cent of 2019 EBITDA this year. Analysts at Morgan Stanley have raised their full-year forecast by 24 per cent to PHP14bn.
Net profit is expected to be PHP4.4bn, up 42 per cent from 2019 levels. believe the company could reach EBITDA of PHP3.3m in the second quarter, up 14 per cent quarter-on-quarter.
For the first quarter, Bloomberry posted a rise in net gaming revenue to PHP6.28bn, up 34.9 per cent year-on-year. Consolidated net revenue was up 9.1 per cent quarter-on-quarter from PHP6.6bn to PHP7.20bn (US$137.4m). When compared to the previous year, net revenue was up 30.4 per cent.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 100.1 per cent year-on-year to PHP2.86bn.
CEO Enrique Razon Jr has recently reported the company’s Solaire North integrated resort development in Quezon City remains on track to open in the second half of 2023.
He says the new venue will “profoundly expand our gaming footprint to take advantage of what we anticipate to be a burgeoning post-pandemic domestic mass market and regional premium mass demand.” The casino complex was originally scheduled for completion this year.
Bloomberry reveals plans for new Philippine casino
Bloomberry Resorts Corp has announced plans to develop a new integrated resort in Cavite, about 41 miles south of Metro Manila, on the Philippines’ main island of Luzon. The location will be in the coastal community of Paniman.
Bloomberry, the parent company of Manila’s Solaire Resort and Casino, reported in a filing with the Philippine Stock Exchange that it has entered into an agreement with a group of landowners to purchase 2,797,768 square meters of land at an average of PHP7.55bn (US$144.3m) per square metre.
The firm added that the Paniman Project is expected to commence after the Solaire North in Vertis, Quezon City has started commercial operations.
