Third-quarter casino gross gaming revenue (GGR) declined by 33.4 percent year-on-year at the Okada Manila casino resort (pictured) in the Philippine capital, according to a Tuesday filing from its parent, Japanese conglomerate Universal Entertainment Corp.
Such GGR for the three months to September 30 was just under PHP8.23 billion (US$140.0 million), compared to PHP12.35 billion in the prior-year period. The result was also down sequentially, compared to PHP8.84 billion in the April to June period.
Tiger Resort, Leisure and Entertainment Inc operates Okada Manila.
Quarterly GGR at the property has been declining in year-on-year terms since the end of the third quarter of last year, according to company information. After recording a year-on-year GGR increase of 29.7 percent for the July to September 2023 period, the property reported a decline of 11.2 percent in the fourth quarter of 2023, followed by decreases of 24.1 percent in the first quarter of 2024, and 21.8 percent in the following three months.
For the first nine months of 2024, Okada Manila recorded GGR of PHP25.84 billion, representing a year-on-year decline of 26.6 percent.
The third-quarter GGR tally was dragged by a 44.3-percent year-on-year fall in VIP revenue, to just under than PHP2.47 billion. VIP revenue was also down sequentially, by 15.1 percent quarter-on-quarter.
Revenue from mass-market tables stood at PHP2.46 billion in the three months to September 30, down 40.2 percent from a year earlier, and a decline of 17.3 percent from the preceding quarter.
Gaming machines generated revenue of almost PHP3.31 billion, 13.4-percent lower than a year ago, but up 11.5 percent sequentially.
Non-gaming revenue in the third quarter was up by 2.3 percent year-on-year, to about PHP933 million. Measured quarter-on-quarter, such revenue decreased 7.1 percent.
Third-quarter adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) for Okada Manila declined by 69.2 percent from a year earlier, to just under PHP1.10 billion. Such earnings went down by almost 49.0 percent sequentially.
Okada Manila welcomed close to 1.42 million visitors in the third quarter. That was a decrease of more than 80,000 visitors in year-on-year terms. The property had recorded around 1.45 million visitors in the May to June 2024 quarter.
