In the Philippines and the impact of the ongoing coronavirus pandemic is reportedly set to push annual VIP gross gaming revenues for local casino operator Bloomberry Resorts Corporation down by up to 72% year-on-year to only around $145 million.
According to a report from Inside Asian Gaming, this is the prediction of international brokerage Nomura Securities Company Limited and comes only a day after Philippines President Rodrigo Duterte extended the ‘general community quarantine’ order for large sections of metropolitan Manila until the end of the month.
Inside Asian Gaming reported that Manila-listed Bloomberry Resorts Corporation, which is responsible via its Bloomberry Resorts and Hotels Incorporated subsidiary for the 800-room Solaire Resort and Casino in Manila’s Entertainment City district, recently announced that its second-quarter gross gaming revenues had dropped by 95% year-on-year to just $14.1 million. The source detailed that this result for the three months to the end of June had included a VIP contribution of $2.5 million alongside $6.2 million and $5.3 million from mass-market table games and slots respectively.
Thomas Huang and Diane Nicole Go from Nomura Securities Company Limited reportedly forecast that this frustration is now due to continue for the next two quarters with Bloomberry Resorts Corporation likely to end 2020 by recording a decline of 48% year-on-year in annual revenues from mass-market table games to approximately $171.6 million. The pair purportedly calculated that the operator will furthermore probably see a 30% decline in slot takings for the twelve-month period to $232.4 million although its long-term outlook remains ‘manageable’ owing to the current strength of its balance sheet.
Reportedly read a statement from the Nomura Securities Company Limited analysts…
“Fluidity of lockdown restrictions amid still-rising cases of coronavirus and continued air transport disruptions will make it challenging for operators to regain capacity in the near-term.”
Looking further ahead and the Nomura Securities Company Limited reportedly forecast that Bloomberry Resorts Corporation is liable set to see its gross gaming revenues for the whole of 2021 grow by around 86% year-on-year courtesy of reduced coronavirus-related restrictions on international travel.