Good Morning. A new opening is always a cause for celebration. And the recent opening of Solaire North has analysts upping their estimates for its operator, with expectations that its focus on the mass domestic market will help improve results that failed to impress in the first quarter. Meanwhile, Chinese punters focusing on Macau are going to keep spending, with a recent report from CLSA highlighting the city’s attractiveness compared to other Asian gaming jurisdictions.
What you need to know
- Maybank remains positive on Solaire North despite Bloomberry’s 1Q24 profit missing expectations due to lower GGR.
- Punters maintaining or upping their gambling budgets for Macau, with particular interest from premium mass: CLSA.
On the radar
- IPI bankruptcy request and Tinian online gaming license bill to be discussed.
- Indonesia to revoke permits of ISPs refusing to help in gambling crackdown.
- Singapore gaming authority hires agency to clarify ‘misconceptions’.
- Macau ranked most satisfying destination for travelers from China in 1Q24.
- Stricter measures for officers caught moonlighting after POGO-linked incidents.
AGB Intelligence
PHILIPPINES
Positive expectations for Solaire North: Maybank
The recent opening of Bloomberry Resorts’ Solaire North has analysts expecting that the property can contribute up to a quarter of the group’s gaming revenue within this year. This comes amongst a yearly drop in the group’s overall net income in the first quarter, with VIP volumes falling by one-third. Despite the results, Maybank is still expecting some $174 million in earnings for FY24, according to analysts.
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