In the realm of gaming and entertainment, Bloomberry Resorts Corp stands as a prominent player, showcasing a strategic expansion with the recent inauguration of its Quezon City integrated resort, Solaire Resort North. Amidst these developments, Maybank Securities revises its FY25 estimates, maintaining a bullish outlook on Bloomberry’s performance.
Overview of Maybank Securities’ Revised Estimates
Maybank Securities, in its latest analysis, has upped its FY25 estimates for Bloomberry Resorts Corp while upholding a “BUY” rating. The rationale behind this upward revision stems from the optimistic prospects surrounding Solaire Resort North. Previously, the investment bank had projected a 14% contribution to Bloomberry’s group-wide Gross Gaming Revenue (GGR) by 2025. However, with the recent inauguration of Solaire Resort North and its strategic offerings, Maybank Securities now anticipates a substantial 22% contribution by the same year.
Solaire Resort North’s Impact
The unveiling of Solaire Resort North marks a significant stride for Bloomberry Resorts Corp, bolstering its presence in the vibrant gaming landscape of Quezon City. Boasting 520 hotel rooms, 160 gaming tables, and 1,600 electronic gaming machines, this integrated resort complements the existing Solaire Resort Entertainment City, which commenced operations in 2013. Analyst Raffy Mendoza underscores the pivotal role of Solaire Resort North in tapping into the mass domestic market of the greater Manila area. A firsthand tour of the property post-inauguration revealed a notable influx of local visitors, hinting at its appeal among the domestic populace.
Financial Projections and Adjustments
While the outlook for Bloomberry Resorts Corp appears buoyant with the advent of Solaire Resort North, adjustments in financial forecasts reflect a nuanced perspective. Analyst Raffy Mendoza acknowledges a slight setback in Bloomberry’s performance, particularly evident in its first-quarter results for 2024, prompting an 8% reduction in net income forecast for the same year. However, amidst these adjustments, Mendoza remains optimistic, raising the 2025 estimates by 1% to Php14.5 billion (US$245 million).
Bloomberry Resorts Corp’s expansion narrative, epitomized by the inauguration of Solaire Resort North, underscores a strategic evolution within the realm of gaming and entertainment. Maybank Securities’ revised estimates echo a bullish sentiment, accentuating the transformative impact of Solaire Resort North on Bloomberry’s revenue dynamics. While financial projections necessitate periodic adjustments, the overarching trajectory reflects a trajectory poised for growth. As Bloomberry Resorts Corp navigates through these growth trajectories, Solaire Resort North emerges as a pivotal catalyst in shaping its future endeavors.