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Last updated 7 months ago

Soler North supplies Bloom 2024 GGR 9pc

Soler Resorts North, a new casino complex in Quezon City Bertis slated to open in May, has the potential to supply 9% of Philippine gaming group Bloomberry Resorts Corp's 2024 gross gaming revenue (GGR) and 14% of its full-year 2025 gross as the property expands its business, Maybank Securities Inc's Monday memo said.

"We expect new casinos to account for approximately 9% and 14% of the total GGR in the 2024-2025 fiscal year," analyst Rafi Mendoza wrote.

For Bloomberry, "In FY23-2026, we expect GGR to grow at a compound annual rate of 14%, driven by continued growth in [game] drop volumes, especially in mass and slots, and contributions from Soler Resort North, which is expected to open in May 2024," the analyst said.

Bloomberry's first and only real estate in the Philippines so far, Soler Resort & Casino in Manila Entertainment City, opened in 2013. It also operates Jeju Sun Hotel & Casino in Jeju, Korea.

Net income for 2023 rose 85.2% year-over-year to 9.52 billion PHP (now $169.8 million).

"The high-yield mass and slot segment and the opening of Soler Resort North are expected to add about 150 mass tables and about 2,500 slots," Maybank said.

In a press release on Monday, Bloomberry confirmed the May opening schedule, describing Soler Resort North as a $1 billion plan covering 1.5 hectares (3.7 acres) and "standing on the 38th floor."

The statement quoted Enrique Rajon, the group's chairman and chief executive, as saying it hoped the new venue would "support the city of Quezon's efforts to improve and promote tourism, create employment for Filipinos and further attract economic and social investment opportunities."

At an event in Quezon City in July, Soler North mentioned that it would need about 4,200 employees.

Rajon said in an update on Monday: "We expect our presence in Quezon City to have a positive impact on [business] growth, expand our market presence and strengthen our brand's strength."

Maybank said Bloomberry faced risks "if discretionary spending slows due to continued sluggish Chinese arrivals and persistent inflation" in the domestic market, but expected a "better-than-expected GGR from Soler North as it gains more Central Luzon players."

Maybank also said the Philippine government expects tourist arrivals to reach 7.7 million in 2024, a 40% year-over-year increase, which could "help the VIP sector."