Maybank Securities raised its gross gaming revenue (GGR) forecast for its casino complex Soler Resort North (pictured), opened on Saturday by Bloombury Resort Corporation BLOOM in the city of Quezon, north of Metro Manila. 카지노사이트
The new complex has the potential to supply about 15% of Bloombury\'s 2024 GGR and 22% of its full-year total in 2025 as it expands its business, the agency\'s Wednesday memo said.
The new estimates show a GGR contribution of 9% in 2024 and 14% next year, up from previous projections.
"We raise our forecasts for new casinos in terms of capacity and reduction," analyst Raffy Mendoza wrote.
"We got to tour Soler Resort North a few days after the grand opening and we were very impressed with the property. Most of the visitors we saw were locals," he added.
The $1 billion Soler Resort North has 526 rooms and suites, and the casino offers 2,669 electronic game consoles and 163 tables across four floors, according to Bloomberry.
Bloomberry\'s first Filipino property, Solaire Resort & Casino, in Manila Entertainment City, opened in 2013. The company also operates Jeju Sun Hotel & Casino in Jeju, Korea.
In a note on Wednesday, Maybank said it was slashing its fiscal 2024 earnings estimate for Bloomberry by 8% to 10.2 billion PHP ($174.3 million) to reflect "first-quarter earnings" below consensus. The agency\'s 2024 estimate is up 7% year-over-year.
Philippines-listed Bloomberry Resorts Corp reported consolidated net income of nearly 2.6 billion PHP in the first quarter of this year, down 13.3% year-over-year. The group\'s overall consolidated net income was 12.5 billion PHP, down about 3.0% year-over-year, due to lower gaming revenue for the period.
However, Maybank "raised its 2025 Bloombury earnings estimate by 1% to a PHP of 14.5 billion to account for higher estimates for Solaire Resorts North."
Maybank\'s memo on Bloomberry also gave comment on the settlement announced in March, over a 10-year dispute with casino management company Global Gaming Asset Management LLC (GGAM) through a $300 million share buyback to be implemented by Bloomberry. The settlement was finalized on April 30.
The agency downgraded its price target on Bloombury shares to "reflect GGAM settlement," it said.
"Based on our correspondence with management, the settlement of approximately 16.8 billion PHP will be deducted from the equity portion under \'subsidiary holdings\' during the subsequent reporting period," Maybank observed
"We increase our net debt assumption because we can reduce cash through payments," it added
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