Philippine-listed casino operator Bloomberry Resorts has recently sparked a market sensation with the launch of its digital gaming platform MegaFUNalo, causing its stock price to surge over 23% in the past week. Data shows that the company was the most actively traded on the Philippine Stock Exchange (PSE) last week, with over 700 million shares traded, totaling a value of 41.3 billion pesos.
As of last Friday, Bloomberry's stock price closed at 6.18 pesos, up 23.6% from 5 pesos the previous week, significantly outperforming the service industry index (down 0.5%) and the PSE composite index (down 0.2%). Since the beginning of the year, the stock has gained 34.9%, standing out in an otherwise sluggish market.
The launch of MegaFUNalo marks Bloomberry's official entry into the rapidly growing digital gambling market, competing with established players like Digiplus Interactive, which operates BingoPlus. This platform also complements the company's earlier launched Solaire Online, an online platform for its physical casino, further expanding its online business footprint.
Analysts have noted that this move reflects investors' confidence in Bloomberry's digital strategy. Fausto from BOC Securities pointed out that the rise in stock price indicates the market's optimism about its direction, but long-term performance will depend on the platform's operational effectiveness and actual revenue contribution.
While some investors express concerns about the investment and returns balance at Solaire Resort North, trader Jeff See mentioned that the digital gaming platform's popularity might keep Bloomberry's stock strong. He also reminded the market to keep an eye on whether MegaFUNalo can hold its ground in fierce competition.
Company chairman Enrique Razon also revealed that Solaire North's recent gaming revenue increased by 29% month-on-month, contributing 1.1 billion pesos to EBITDA, with the hotel business continuing to grow. Total gaming revenue for the first quarter was 4.6 billion pesos, although the parent company Solaire Entertainment City saw a 17.6% decrease in revenue due to declines in VIP and electronic gaming, Bloomberry's overall net profit still increased by 25.5% year-on-year, reaching 3.32 billion pesos.
Market analysts expect that as operations at Solaire North stabilize, Bloomberry's net profit could grow to 3.2 billion pesos in 2025 and reach 4.5 billion pesos in 2026, demonstrating the strong resilience of its core business.
