The return of Chinese play may be taking longer than expected, but Philippines casinos are nevertheless seeing surprisingly positive results in the VIP segment – largely on the back of premium customers from South Korea, according to Maybank Securities.
In a note reviewing the recent 1Q23 financial results of Bloomberry Resorts Corp and its Philippines market-leading integrated resort Solaire, Maybank Securities analyst Miguel Sevidal noted that results for VIP “surprised on the upside”, driven by locally-based Chinese players plus foreign visitors from Korea, Taiwan and ASEAN.
However, it is the rapid return of the Korean market that is driving recovery of the premium segments, with tourist arrivals from Korea now trending at 70% of pre-pandemic levels and sequential improvement seen month-on-month. There are now approximately 71 weekly flights from Incheon to Manila, Sevidal added.
