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Bloomberry remains as GGR market leader in 2019

Bloomberry Resorts, the operator of the Solaire Resort & Casino, has been gaining shares in both VIP and mass over the first half of the year, remaining as the GGR market share leader in 2019, according to a note from Morgan Stanley analysts on Thursday.

The brokerage has maintained its Overweight rating on Bloomberry - due mainly to the continued growth of the Philippines gaming market and rising visitation, Bloomberry’s leading position in the Philippines, and a lower multiple - currently trading at 7.5x 2019e EBITDA, compared to a five-year average of 9.1x. 

Key concerns, however, include increasing supply from Okada and Resorts World Manila, and the lack of capacity until 2023 with the opening of Solaire North.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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