Bloomberry remains as GGR market leader in 2019

Bloomberry Resorts, the operator of the Solaire Resort & Casino, has been gaining shares in both VIP and mass over the first half of the year, remaining as the GGR market share leader in 2019, according to a note from Morgan Stanley analysts on Thursday.

The brokerage has maintained its Overweight rating on Bloomberry – due mainly to the continued growth of the Philippines gaming market and rising visitation, Bloomberry’s leading position in the Philippines, and a lower multiple – currently trading at 7.5x 2019e EBITDA, compared to a five-year average of 9.1x. 

Key concerns, however, include increasing supply from Okada and Resorts World Manila, and the lack of capacity until 2023 with the opening of Solaire North.