DigiPlus Interactive Corp, a Philippine retail gaming provider, has claimed the top spot on the Philippine Stock Exchange (PSE), outperforming nearly 300 listed companies in terms of stock price growth. Other PSE-listed gaming operators also recorded positive results in their stock prices last year.
DigiPlus’s stock price increased by 232 percent throughout 2023, becoming the best-performing stock. This surge aligns with its profits, which soared over tenfold to PHP 2.1 billion ($37.5 million) in the first nine months of 2023.
The significant growth was driven by the robust performance of its digital retail gaming segment, coupled with the launch of new game offerings and cost efficiencies achieved as the business continues to scale.
Formerly known as Leisure and Resorts World Corp, DigiPlus saw its revenues nearly triple in the first nine months of the year, reaching PHP 16 billion ($286 million) due to higher user traffic in its flagship live-streaming bingo game, BingoPlus, and digital sports betting under ArenaPlus. These results were further propelled by aggressive advertising and promotion efforts. Meanwhile, EBITDA surged 390 percent from a year ago to PHP 2.5 billion ($44.7 million).
Filipino businessman and politician Alfredo “Albee” Benitez reported selling some shares of DigiPlus this week. Benitez divested a total of $66.66 million shares of the company within a price range of PHP 7.01713 to PHP 7.45, or around $0.13.
Bloomberry Resorts Corp
Solaire’s parent company, Bloomberry, also had positive results regarding the stock price. According to AGB checks, Bloomberry’s stock rose nearly 30 percent in 2023. Bloomberry Resorts Corp had robust results in the first three quarters of the year, with its net income doubling from PHP 4 billion ($71 million) to PHP 8.3 billion ($148 million).
Bloomberry, the leader in the Philippines gaming industry, is scheduled to open its second property, Solaire Resort North, this year. Chairman and CEO Enrique K. Razon Jr. describes the new offering as an initiative to capitalize on domestic strength.
Solaire Resort North is on schedule to be completed by March 2024, with the group anticipating that the property will strengthen its market leadership position in the Philippines and raise the regional competitiveness of the Philippine gaming industry.
PH Resorts Group
PH Resorts, the developer of the integrated resorts of Emerald Bay in Cebu, didn’t have much luck in stocks, as its stock price only rose circa 6.4 percent last year, aligning with its financial performance.
In its bid to complete its Emerald Bay property, PH Resorts faced issues over funding last month, as its latest agreement with financier AppleOne Properties failed to materialize. For 1Q-3Q23, sales were only PHP 11.42 million ($205,000). Revenue was PHP 19.41 million ($347,600). Net loss widened from PHP 549.29 million ($9.8 million) a year ago to PHP 2,202.68 million ($39.5 million).
Last month, Tiger Resorts, Leisure and Entertainment Inc. (TRLEI), operator of Okada Manila, announced the acquisition of PH Travel and Leisure Holdings, the company behind the unfinished Emerald Bay Resort in Cebu.
The parties involved expect to conclude the transaction by July 2024, with TRLEI planning to open Emerald Bay Resort by 2026.
Belle Corp
Belle Corp, a co-licensee of Manila’s City of Dreams casino, had a gloomy stock price. According to AGB checks, its stock price dropped nearly 5.6 percent last year; this does not align with its financial performance.
Belle Corp’s sales recorded an increase of 13 percent yearly to PHP 3.8 billion ($68.1 million) for the nine-month period ended September 30th. Its revenue also increased slightly from PHP 4.37 billion ($76.5 million) a year ago to PHP 4.3 billion ($77.1 million). Net income was PHP 1.5 billion ($27.5 million) compared to PHP 1.4 billion ($24.4 million) a year ago.
Suntrust Resort Holdings
Suntrust Resort Holdings, a subsidiary of the LET Group, recorded at least a 13 percent drop in its stock price in 2023 despite its improving financial results.
Based on the most updated financial results for the third quarter of 2023, Suntrust Resort announced a narrowing of its net loss in 3Q23 to PHP 414.48 million ($7.43 million), down 41 percent annually. For the nine months, net loss was PHP 414.48 million ($7.4 million) compared to PHP 703.49 million ($12.6 million) a year ago.
The group is presently developing its Westside City Project integrated resort in Manila, the main hotel casino of which will comprise entertainment and a five-star hotel with over 450 rooms. Additionally, it is developing the Westside shopping mall, opera house, and a 2,000-room hotel complex.
In its most recent filing, the group notes that it aims to have its hotel-casino property operational by 4Q24, stating that architectural works and finishes are currently in progress, in line with previous statements.
