Manila casino stocks outperform on bullish sentiment

    Published in: Latest IntelligenceCasino stocks in the Philippines saw significant buying interest this week as foreign and local buyers flooded back into the market on expectations for strong corporate earnings growth. Shares in Philippines-listed Bloomberry Resorts (BLOOM.PM), posted their biggest weekly gain this year after its chairman Enrique Razon predicted the company’s Solaire Resort will make a profit this year. The billionaire, who inherited International Container Terminal Services, formerly known Risco, from his late father, said the company also expects to complete a 100-room hotel, a theatre and retail outlets by November of this year. Bloomberry was previously expected to break even in 2014. Its 2013 net loss doubled, mostly because of pre-opening expenses at Solaire, which opened its doors for business in March of 2013. The firm said that without the PHP1.04 billion in pre-opening expenses, the net loss in 2013 would have narrowed by 80 percent to PHP267 million. The firm’s capital...

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