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.
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