Maybank lowers Bloomberry’s 2025 forecast

Maybank Securities Inc has lowered its 2025 net revenue forecast for Philippine casino operator Bloomberry Resorts Corp by 16.9 percent, citing a “challenging” business environment, particularly for its flagship Solaire Resort & Casino in Manila.

The brokerage now expects Bloomberry’s consolidated net revenue for 2025 to reach just under PHP50.10 billion (US$857.1 million), down from its previous estimate of nearly PHP60.27 billion. The company’s net gaming revenue is projected at around PHP40.43 billion, marking a 15.9 percent reduction from earlier predictions.

Maybank attributed the downgrade to declining gross gaming revenue (GGR) from Entertainment City casinos, driven by a drop in VIP visitors and fewer Chinese mass-market players. The firm highlighted that Bloomberry’s performance will largely depend on the full-year operations of its new property, Solaire Resort North, and the planned launch of an e-gaming platform in late 2025.

Solaire Resort North, located in Quezon City, opened in May 2024, with VIP gaming operations beginning in September. Maybank analyst Raffy Mendoza noted that the group aims to introduce its online gaming platform by the third quarter of 2025, in partnership with Gaming Innovation Group Software Plc, a European iGaming provider.

Morgan Stanley had previously reported that Bloomberry plans to launch the platform under a different brand to appeal to a broader clientele. The company has already begun recruiting for its online gaming team, according to a LinkedIn post by Solaire Resort in December.

Despite this, Maybank has yet to factor the e-gaming launch into its projections. The brokerage downgraded Bloomberry’s stock to “hold” from “buy,” citing concerns over the slow ramp-up and associated costs of Solaire Resort North, alongside growing competition from new land-based and online gaming operators in the Philippines.

Bloomberry’s financial struggles were evident in its third-quarter 2024 results, which showed a consolidated net loss of PHP470.2 million, compared to a PHP1.95-billion profit in the same period a year prior. The company attributed the loss to higher depreciation, amortization, and interest expenses linked to Solaire North.

In December, Bloomberry appointed Greg Hawkins as acting chief operating officer of its operating unit, Bloomberry Resorts and Hotels Inc, following the sudden retirement of Thomas Arasi, who left his role as president and COO of the parent company for personal reasons.

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