Philippine casino operator and developer Bloomberry Resorts is expected to see its net profit roughly double in 2023 from a year earlier, according to an update Wednesday from Maybank IBG Research.
The agency expects the Philippine casino market to grow to 10.05 billion PHP ($178.3 million), compared to 5.14 billion PHP in 2022, when it was still affected by restrictions related to the COVID-19 pandemic.
Maybank forecasts an additional annual net revenue of 47.95 billion PHP compared to 38.81 billion PHP in 2022. The agency expects gaming revenue to reach 39.4 billion PHP in 2023.
Philippine-listed Bloomberry on Wednesday reported net income for its shareholders just below PHP 3.43 billion in the second quarter of 2023, up 15.1% from the previous three months. It was up 89.5% year-over-year.
Consolidated sales across the group rose 25.1% year-over-year to nearly 12.54 billion PHP. However, the figure is down 2.3% from the first quarter of this year.
Bloomberry operates the Solaire Resort and Casino in the entertainment city of Manila, the capital of the Philippines, and the Jeju Line, a hotel with foreigner-only casinos on Jeju Island, a Korean resort.
Bloomberry is also developing a gaming and leisure complex called the Solaire Resort North in Quzon City, just outside Metro Manila. According to a separate analyst commentary citing management, it is expected to open in the second quarter of next year.