Results cast doubt on more IRs

    Annual results from Bloomberry Resorts and Resorts World Manila have cast some doubt about the market’s ability to absorb greater competition, according to an analysis in Forbes. RWM operating profit fell 38.1 percent and net profit fell 59.3 percent. But the magazine points to the 50 percent gain in promotional allowances to $57 million in the face of increased competition from Solaire, which opened last year. Solaire spent $76 million in promotions for its $276 million in revenue. “The promotion numbers suggest a Philippine market nearing the saturation point,” it said. However, the article also pointed out that in the longer term the opening of further integrated resorts, such as the one planned by international brand Melco Crown, may help pull in more international visitors.