Maybank Securities Inc reduced its 2024 revenue forecast for Bloomberry Resorts Corp, a leading Philippine casino operator, by 12 percent, now projecting PHP57.4 billion (US$1.03 billion). Maybank analysts based the downgrade on Bloomberry’s underperforming VIP and slot segments during the first nine months of 2023, which reached only 70 percent and 60 percent of full-year expectations, respectively. Bloomberry has yet to release its official fourth-quarter and full-year financial results.
Maybank also expects Bloomberry’s 2024 net income to reach PHP13.2 billion, reflecting a 23-percent reduction in its previous estimate, despite predicting about 23 percent year-on-year growth from the projected PHP10.8 billion in 2023. Bloomberry operates Solaire Resort & Casino in Manila and a smaller property in Jeju, South Korea, and remains confident in sustaining its growth this year. Analysts Alexa Mae Carvajal and Raffy Mendoza pointed to key growth drivers, including a rebound in higher-margin mass and slot segments, alongside the upcoming launch of Solaire Resort North. This new venue, scheduled to open in the first half of 2024, will add roughly 150 mass tables and 2,500 slot machines.
Maybank noted a 105-percent year-on-year increase in foreign tourist arrivals to the Philippines in 2023, totaling 5.5 million. However, this figure still represents only 66 percent of pre-pandemic levels. The analysts suggested that further recovery in international tourism could boost VIP gaming demand. They identified South Korea, Taiwan, Singapore, and Malaysia as the top sources of foreign players and indicated that a rise in Chinese tourist arrivals could significantly benefit Bloomberry.
While these projections carry uncertainties, Bloomberry’s expansion—especially with the anticipated opening of its new Quezon City casino—could lift revenues even further. The gaming industry continues to grow, with 2024 poised to break new records across both land-based casinos and online gaming platforms.
