Philippines Casino Market Predicted To Outpace Competition
New research from financial services firm Morgan Stanley Asia Limited has reportedly determined that the casino market in the Philippines is ‘growing faster’ than the analogous sectors of Macau, Las Vegas and Singapore.
According to a report from GGRAsia, this determination from analyst, Praveen Choudhary, was included as part of the banking giant’s investigation into the first-quarter financial results of casino operator, Bloomberry Resorts Corporation. It was also accompanied by a prediction that the Manila-listed firm should see its upcoming annual earnings before interest, taxation, depreciation and amortization ‘exceed that of regional peers.’
Bloomberry Resorts Corporation operates the Solaire Resort and Casino integrated casino resort via its Bloomberry subsidiary and reportedly saw its mass-market gross gaming revenues for the first three months of 2019 grow by 23.5% year-on-year to reach slightly over $76.41 million. Conversely, the firm’s first-quarter profit fell by some 40% year-on-year while its comparable earnings from VIP gambling operations declined by 15.9%.
Choudhary’s investigation reportedly read…
“We expect Bloomberry Resorts Corporation to report mass revenue and earnings before interest, tax, depreciation and amortization growth of 15% and 16% respectively in 2019.”
GGRAsia reported that the examination from Morgan Stanley Asia Limited had detailed that the Philippines had earned almost $185.1 million in first-quarter taxes from casino gaming, which represented a year-on-year rise of approximately 14.7%.
By comparison, the examination detailed that the ‘big six’ casino operators in Macau are expected to record average comparable first-quarter earnings before interest, tax, depreciation and amortization growth of ‘only’ 4%. It furthermore pointed out that Nevada’s Clark County, which is a jurisdiction that includes the Las Vegas Strip, had seen its taxable gross gaming revenues for the initial three months of 2019 rise by 3.8% year-on-year to slightly below $2.71 billion.