Good Morning. The slowdown in VIP and junkets has spread beyond Macau, with analysts at Maybank lowering their forecasts for Philippines-based Bloomberry Resorts for FY24, as the segment underperforms. VIP play in Macau, meanwhile saw its strongest quarter since 2019, despite mass contributing some 75 percent of revenue in 4Q23. And employee salaries in the SAR have yet to reach pre-pandemic levels, even as operators implement wage hikes, notes an industry association.
What you need to know
- Bloomberry Resorts is expected to record a 23% profit increase this year; however, Maybank has cut its earnings forecast due to the GGR slowdown.
- VIP play in Macau during 4Q23 was the strongest since the onset of the pandemic, even as mass tables contributed three-quarters of revenue.
- Macau casino employees are earning smaller salaries than pre-pandemic despite wage hikes: industry association.
On the radar
- Marina Bay Sands expansion costs could balloon to $4 bln.
- Philippines gaming watchdog to launch online betting platform this year.
- Macau Jockey Club could receive up to $1.8M from gov’t: report.
- Wynn Macau announces up to 6 percent salary increase.
- China calls for a tougher crackdown on cross-border gambling.
AGB Intelligence
PHILIPPINES
Bloomberry to see 23% profit increase in FY24: Maybank
Analysts at Maybank are predicting that 2024 will be a strong year for Bloomberry Resorts, with profit expected to rise by nearly a quarter. However, forecasts have been reduced due to a drop in gross gaming revenue, largely due to decreases in VIP and junket revenue, even though slots performed strongly.
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