Bloomberry leads market but reclaims share losts

Analysts said the 2019 growth of the hotel company was extraordinary, besides a fall in the market share

Philippines.- Bloomberry Resorts Corp has a “leading position” in the Philippines, according to Banking group Morgan Stanley. It had a growth rate of more than 40 per cent in 2019 earnings before interest, taxation, depreciation, and amortisation (EBITDA).

“That is higher than for Macau/Singapore and other Philippines gaming companies”, said analysts Praveen Choudhary and Gareth Leung in a statement.

In a research note examining the extraordinary growth story of the company, analysts observed that Bloomberry’s GGR market share had declined from its peak of 52% in 2014 to 38% last year as a result of capacity added by City of Dreams Manila and Okada Manila.

However, it still leads. Bloomberry informed profits for around PHP3.91 billion (€70 million) for the three months ended September 30, up 245 per cent in year-on-year terms.

“Bloomberry remained the market leader in the [first] nine months of 2019 among Philippine integrated resorts, with 37 per cent Gross Gaming Revenue market share”, stated the Morgan Stanley analysts.

“We estimate a 16 per cent GGR growth in 2019 for Bloomberry, driving EBITDA growth to 41 per cent, and so it should remain the market leader in 2019”, added.

Bloomberry is the owner and operator of the Solaire Resort and Casino in Manila. It also operates the Jeju Sun Hotel and Casino on South Korea’s southern holiday island Jeju. The company is currently developing Solaire North in Quezon City, on the outskirts of the Philippine capital Manila.