Maybank forecasts US$235m GGR for Bloomberry in Q2

Analysts at Maybank Securities Inc. have predicted Bloomberry GGR will be down 13 per cent in Q2.

The Philippines.- Bloomberry Resorts Corp is anticipated to achieve gross gaming revenue (GGR) of PHP13.1bn (US$235.0m) during the second quarter of the year, according to Maybank Securities Inc. 

While the projected figure indicates a 13 per cent decline from the high base recorded in the first quarter of 2023, Maybank Securities took into account the favourable hold rates for VIPs and mass play during that period when formulating their forecasts. 

In the first quarter of the year, the company reported gross gaming revenue (GGR) at Solaire Resort and Casino in the Metro Manila region was PHP16bn (US$287m), up 80 per cent year-on-year. Compared to the fourth quarter of 2022, GGR at Solaire improved by 9 per cent.

Analyst Miguel Sevidal stated that Bloomberry’s earnings for the April to June period are expected to reach PHP1.6bn, representing a 48 per cent sequential decrease. However, Maybank Securities expressed optimism, suggesting potential upside surprises in Bloomberry’s performance. 

Factors contributing to this include higher-than-expected hold rates, assuming normalized rates for VIPs, mass play, and slots, as well as better-than-expected VIP volumes. 

Sevidal highlighted the strong comeback of Korean tourism, which has significantly bolstered VIP GGR, offsetting the slow recovery of Chinese tourist arrivals.

In May, analysts raised their earnings forecast for 2023 to PHP10.05bn, up nearly 39 per cent compared to the previous estimate of PHP7.25bn. The 2024 net income forecast has been raised by 17 per cent from PHP12.63bn to PHP14.83bn.