Maybank raises Solaire North IR GGR forecast

Maybank Securities expects the IR to supply circa 15 per cent of Bloomberry’s 2024 GGR.

The Philippines.- Maybank Securities has forecast that Solaire Resort North, an integrated resort (IR) opened by Bloomberry Resorts in Quezon City, has the potential to contribute around 15 per cent of the company’s 2024 gross gaming revenue (GGR) and 22 per cent of the 2025 total. This represents an increase from previous forecasts of 9 per cent for 2024 and 14 per cent for 2025.

Analyst Raffy Mendoza said Maybank had raised its forecasts for the new IR in terms of capacity and drop volumes after visiting the complex. He said most visitors he saw at the IR were locals.

Maybank also said it was revising down its fiscal-year 2024 earnings estimate for Bloomberry by 8 per cent to PHP10.2bn (US$174.3m) to reflect a lower-than-consensus first-quarter performance. The institution’s estimate would remain a 7 per cent increase year-on-year. It’s raised its earnings estimate for 2025 to PHP14.5bn to account for the higher estimates for Solaire Resort North.