MS: Solaire North Opening Pushed Back

Sat, Jul 29, 2023

Morgan Stanley analysts say Solaire North in the Philippines may not open until the second quarter of 2024. The resort in Quezon City is a project of Bloomberry Resorts, which owns Solaire in Manila’s Entertainment City.

MS: Solaire North Opening Pushed Back

Gaming analysts Gareth Leung and Praveen Choudhary of investment bank Morgan Stanley say Bloomberry Resorts’ new integrated resort (IR) in Quezon City, Philippines, could be delayed from the first quarter to the second quarter of 2024.

Solaire Resort will join Bloomberry’s flagship property, Solaire Resort and Casino, in Manila’s Entertainment City. The original resort opened in 2013.
The analysts have lowered their 2024 revenue estimates for Bloomberry by 8 percent, but raised their 2023 estimates “meaningfully … to reflect better-than-expected Entertainment City recovery,” with net revenue potential up 9 percent and EBITDA up 18 percent.

They also say Solaire is competing successfully with its chief rival in Entertainment City, Okada Manila.

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