PH GGR to grow 26 pct year-on-year in 17Q2: MS

Philippines gross gaming revenue is expected to grow 26 percent year-on-year in 17Q2, driven by proxy betting attracting foreign VIP revenues, along with a low sequential growth in mass, says Morgan Stanley.

Industry EBITDA is also expected to see growth in the quarter, driven by Bloomberry and Melco, but partially offset by Travellers, it said.

“We expect industry EBITDA to grow 8 percent quarter-on-quarter and 27 percent year-on-year to P7 billion in 17Q2, driven by Bloomberry and Melco, partially offset by Travellers,” said the brokerage.

Visitor arrivals in the Philippines also grew by +13 percent year-on-year to April.

The brokerage however notes that the June 2 attack on Resorts World Manila may have reduced market GGR by around P 1.7 to 2 billion (US$33.6 to US$39.5 million) in June, but added that it expects business for the overall market to recover in July.

 

More news from this jurisdiction

PhilippinesTuesday, Nov 14, 2017

Bloomberry Resorts would see its debt levels rise and a reduction in return on invested capital in the short term if it buys the land on which its Solaire Resort & Casino is based, though longer term it may improve valuations, according to Morgan Stanley.

PhilippinesMonday, Nov 13, 2017

The owners of Resorts World Manila is planning to introduce the country’s first Ritz Carlton Hotel by redeveloping its Maxims Hotel, local media reports.

PhilippinesMonday, Nov 13, 2017

The Asian Poker Tour (APT) has announced it has signed a new three-year exclusive agreement to run its tournaments at Resorts World Manila.

PhilippinesSunday, Nov 12, 2017

The Philippine Amusement and Gaming Corporation (PAGCOR) is launching an auction for two parcels of land currently occupied by Bloomberry’s Solaire Resort and Casino.

PhilippinesSunday, Nov 12, 2017

Philippines-listed Travellers International, operator of Resorts World Manila, reported a loss of P407.9 million for the third quarter of 2017.

PhilippinesFriday, Nov 10, 2017

Bloomberry Resorts Corporation (BLOOM PM), owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, posted record Q3 mass table drop and gross gambling revenue from electronic gaming machines, while VIP volumes slipped.

PhilippinesThursday, Nov 09, 2017

Universal Entertainment Corp has announced its plans to start operating its all-weather beach club, nightclub and space, Cove Manila, starting in December.