MANILA - Maybank has revised its 2024 revenue forecast for Bloomberry Resorts to PHP57.4 billion, indicating a decrease of 12%, while also adjusting net income expectations down by 23% to PHP13.2 billion, pointing to a downturn in VIP and junket revenues. however, the forecast still suggests a year-on-year growth of about 23%. Despite the lower expectations in these high-roller segments, the bank highlighted a robust showing in the company's slot machine operations.
Bloomberry Resorts, known for its Solaire Resort & Casino in Manila and a property in Jeju, South Korea, is still on track to benefit from the resurgence of the mass market and the slots segment. This optimistic outlook is underpinned by the broader gaming industry's interest in the ASEAN region as a promising avenue for growth and expansion.
The company's adjustment in profit forecast reflects the shifting dynamics in the gaming sector, where varying performance across different revenue streams can significantly impact overall financial outcomes. While the VIP and junket segments have faced challenges, the strength in slot machine revenue provides a counterbalance, underscoring the diverse nature of revenue sources within the industry.
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