Bloomberry Resorts has yet to release its financial results for the three months to 30 September 2023, but investment bank Morgan Stanley expects the company’s Manila integrated resort, Solaire, to have lost some market share to its Entertainment City neighbor, Okada Manila.
In a recent note, analysts Gareth Leung and Praveen Choudhary said they anticipate Bloomberry suffering its first EBITDA decline since 2022 in Q3, driven by market share loss and win rates. This, they added, comes after Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) outperformed in releasing its Q3 results last week with EBITDA rising 16% quarter-on-quarter and 90% versus 3Q19 to Php3.6 billion (US$63.4 million).
“We estimate Bloomberry’s 3Q23 EBITDA to be down 9% quarter-on-quarter to Php4.9 billion (78% of 3Q19),” the analysts wrote. “This is 5% below consensus [although] still 7% above 3Q19 (on a hold-adjusted basis).”
