Asia gaming and consumer discretionary analyst

Michael Ting

Equity Bottom-Up

<p>Despite the significant slowdown in gaming revenues from the lack of tourism arrivals, we forecast Bloomberry to achieve EBITDA break-even by 4Q20 due to cost rationalization measures coupled with a gradual increase in local play. Bloomberry's EBITDA recovery could outpace that of its Macau peers assuming COVID-19 is contained within the Philippines.</p>

Despite the significant slowdown in gaming revenues from the lack of tourism arrivals, we forecast Bloomberry to achieve EBITDA break-even by 4Q20 due to cost rationalization measures coupled with a gradual increase in local play. Bloomberry's EBITDA recovery could outpace that of its Macau peers assuming COVID-19 is contained within the Philippines.

Bloomberry Resorts: Stronger EBITDA Recovery than Macau?