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Bloomberry Prepares for Launch of New Online Gaming Platform MegaFUNalo
Bloomberry Resorts Corp. gears up for the introduction of its online gaming product amidst rising investor interest.
MANILA, Philippines — Bloomberry Resorts Corp., owned by Enrique Razon Jr., is set to launch its new online gaming platform, MegaFUNalo, amid growing anticipation in the online gaming sector.
The company operates Solaire Resort Entertainment City, Solaire Resort North, and Jeju Sun Hotel & Casino, and is finalizing preparations for MegaFUNalo, which is designed to compete with existing electronic gaming services, including DigiPlus Interactive Corp.'s BingoPlus.
The launch aims to enhance Bloomberry’s online gaming offerings, complementing the existing Solaire Online platform, thereby providing entertainment options for Filipinos nationwide.
This initiative has sparked notable investor interest, with Bloomberry's stock price increasing by over 92% since April 7, when it reached a multi-year low.
As of Thursday, Bloomberry shares closed at P5.
Analysts caution that despite the challenges posed by DigiPlus, the current market leader, Bloomberry could emerge as a formidable competitor.
Juan Paolo Colet, managing director of China Bank Capital Corp., indicated that Razon's proactive business approach positions him to aggressively pursue market share within the lucrative online gaming segment.
It is projected that if MegaFUNalo captures at least 5% of the expected P261 billion in online gross gaming revenue by 2025, it could contribute approximately 18% to Bloomberry’s revenue after accounting for fees due to the Philippine Amusement and Gaming Corp. Furthermore, analysts from AP Securities expressed confidence in Bloomberry's capabilities, suggesting that with their proven track record as the first mover in Entertainment City and expansion into other areas such as Quezon City, the company could achieve a greater market share than initially forecast.
DigiPlus currently holds a net profit margin of 16.5% to 18%, a benchmark that Bloomberry’s online platform could meet, provided it adopts a similar business model.
However, the transition may incur higher technology-related and advertising expenses before MegaFUNalo becomes profitable.
Unicapital Securities’ equity research analyst Jeri Alfonso noted expectations of increased revenues and operating expenses for Bloomberry in its upcoming third-quarter results.
The company has previously indicated that a significant portion of these costs would stem from customer acquisition strategies as it seeks to enhance its competitive position in the market.
Additionally, development-related expenses, especially related to outsourced services, are anticipated to rise.
Industry analysts recognize that offering attractive payouts and jackpot prizes may enable Bloomberry to attract users from established platforms like DigiPlus, thereby potentially shifting the competitive landscape in the online gaming sector.
The company operates Solaire Resort Entertainment City, Solaire Resort North, and Jeju Sun Hotel & Casino, and is finalizing preparations for MegaFUNalo, which is designed to compete with existing electronic gaming services, including DigiPlus Interactive Corp.'s BingoPlus.
The launch aims to enhance Bloomberry’s online gaming offerings, complementing the existing Solaire Online platform, thereby providing entertainment options for Filipinos nationwide.
This initiative has sparked notable investor interest, with Bloomberry's stock price increasing by over 92% since April 7, when it reached a multi-year low.
As of Thursday, Bloomberry shares closed at P5.
Analysts caution that despite the challenges posed by DigiPlus, the current market leader, Bloomberry could emerge as a formidable competitor.
Juan Paolo Colet, managing director of China Bank Capital Corp., indicated that Razon's proactive business approach positions him to aggressively pursue market share within the lucrative online gaming segment.
It is projected that if MegaFUNalo captures at least 5% of the expected P261 billion in online gross gaming revenue by 2025, it could contribute approximately 18% to Bloomberry’s revenue after accounting for fees due to the Philippine Amusement and Gaming Corp. Furthermore, analysts from AP Securities expressed confidence in Bloomberry's capabilities, suggesting that with their proven track record as the first mover in Entertainment City and expansion into other areas such as Quezon City, the company could achieve a greater market share than initially forecast.
DigiPlus currently holds a net profit margin of 16.5% to 18%, a benchmark that Bloomberry’s online platform could meet, provided it adopts a similar business model.
However, the transition may incur higher technology-related and advertising expenses before MegaFUNalo becomes profitable.
Unicapital Securities’ equity research analyst Jeri Alfonso noted expectations of increased revenues and operating expenses for Bloomberry in its upcoming third-quarter results.
The company has previously indicated that a significant portion of these costs would stem from customer acquisition strategies as it seeks to enhance its competitive position in the market.
Additionally, development-related expenses, especially related to outsourced services, are anticipated to rise.
Industry analysts recognize that offering attractive payouts and jackpot prizes may enable Bloomberry to attract users from established platforms like DigiPlus, thereby potentially shifting the competitive landscape in the online gaming sector.
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