BLOOMBERRY Resorts Corp. will likely continue to deliver double-digit growth this year despite a slowdown in gross gaming revenue (GGR), Maybank Investment Banking Group said.

Maybank trimmed its earnings forecast for Bloomberry due to lower-than-expected GGR in the January to September 2023 period but said the company was still headed for 23 percent year-on-year income growth in 2024.

The company reported a 32-percent rise in revenues to P36.1 billion as of end-September last year on the back of the 28 percent and 35 percent GGR growth in the VIP and slot segments, respectively.

"Still, the VIP and slot segments came in lower-than-expected at 70 percent and 60 percent of our [fiscal year 2023] forecasts, such that we lowered our [2024] revenue [forecast] by 12 percent to P57.4 billion," Maybank noted.

Meanwhile, a continued recovery in the higher-margin mass and slots segments, as well as the opening of Solaire Resort North in Quezon City, will also help the Razon-led company sustain its growth this year, the bank said.

A further recovery in the tourism sector, which saw a 105 percent year-on-year increase in foreign tourist arrivals in 2023, could also ramp up the demand for Bloomberry's VIP segment.

"Currently, foreign players are mainly from South Korea, Taiwan, Singapore, and Malaysia, and any uptick from Chinese tourist arrivals would be a potential windfall for Bloomberry," Maybank said.

The country's leading casino operator is also expected to book robust earnings per share growth of 23 percent this year and compound annual growth rate of 17 percent in GGR from 2023 to 2025.

On the other hand, macroeconomic challenges, slow pick-up in foreign tourism, increased promotional costs due to competition, and execution risk for Solaire North could slow down the company's improvements, Maybank said.

On Tuesday, Bloomberry shares improved by 18 centavos, or 1.75 percent, to P10.44 apiece.