Bloomberry’s Q3 EBITDA to fall quarter-on-quarter, analysts say

Analysts at Morgan Stanley expect a fall of 9 per cent due to loss of market share and fluctuations in win rates.

The Philippines.- Morgan Stanley Asia has predicted that Bloomberry Resorts Corp will report a 9 per cent quarter-on-quarter decline in EBITDA for the third quarter. Analysts Gareth Leung and Praveen Choudhary noted that this would be the first quarter since 2022 to see a sequential decrease. they attributed the forecast to a potential loss of market share and fluctuations in win rates. 

Bloomberry Resorts Corp reported consolidated EBITDA of PHP5.46bn and a net profit of PHP3.43bn (US$61m) for the three months ending June 30. Analysts said Solaire Resort and Casino might experience a decline in its gross gaming revenue market share, partly due to the variability in win rates. However, the slot business, reliant on domestic demand, is anticipated to remain stready.

Bloomberry Resorts Corp operates Solaire in Metro Manila and is developing a casino resort in Vertis, Quezon City, which is slated for opening in the coming year. The casino operator has recently boosted its public float from 33.94 per cent to 37.17 per cent through a share placement and subscription transaction, securing PHP5.59bn (US$98.3m) in fresh capital.

Bloomberry Resorts said its goal was to strengthen and diversify its capital base while expanding the ownership of its shares among a broader spectrum of institutional investors.