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Bloomberry shrugs off Suncity’s retreat

by [email protected]

Japanese brokerage Nomura says the management of Philippine casino operator Bloomberry Resorts Corp belittle the potential of Suncity Group to harm their business much by withdrawing from proxy betting.

The stockbroking arm of Nomura issued on Tuesday a note on the latest financial results of Bloomberry Resorts which said proxy betting arranged by Suncity Group – said by investment analysts to be one of the largest VIP gambling organisers in Macau – accounts for an “immaterial” portion of Bloomberry Resorts earnings before interest, taxation, depreciation and amortisation (EBITDA).

The Nomura note stated: “Suncity Group has already stopped all its video streaming operations in Solaire. [Bloomberry Resorts] Management highlighted that while about 10 percent of total gross gaming revenues [GGR] are tied to the Suncity Group’s video streaming operations, its contribution to the EBITDA level is only about 3 percent – which is immaterial, in our view.”

Bloomberry Resorts subsidiaries own and operate the Solaire Resort and Casino in Manila, and the Jeju Sun Hotel and Casino on the South Korean island of Jeju.

In July Suncity Group told GGRAsia that it had stopped what it called “tele-betting” outside of Macau. The junket investor said so after Chinese state-backed media questioned the propriety of some of its practices.

Suncity Group publicly denied the online gaming allegations, adding that even if certain “products” – such as proxy betting – were “legally allowed to operate in other countries and regions, the company will not adopt them if the laws of Macau do not allow it”.

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