Fourth-quarter casino gross gaming revenue (GGR) declined by 3.7 percent year-on-year but was up sequentially at the Okada Manila casino resort (pictured) in the Philippine capital, according to a Wednesday filing from its parent, Japanese conglomerate Universal Entertainment Corp.
Such GGR for the three months to December 31 was nearly PHP8.98 billion (US$153.1 million), compared to approximately PHP9.32 billion in the prior-year period, according to the preliminary results filed by Universal Entertainment. The fourth-quarter GGR tally was however up by circa 9.1 percent compared to PHP8.23 billion in the July to September period.
Universal Entertainment unit Tiger Resort, Leisure and Entertainment Inc (TRLEI) operates Okada Manila.
The fourth-quarter tally took Okada Manila’s full-year GGR to nearly PHP34.82 billion, a decline of 21.8 percent from the PHP44.54 billion in 2023. Quarterly GGR at the property has been declining in year-on-year terms since the end of the third quarter of 2023, according to company information.
The fourth-quarter GGR result at the property was dragged by a 9.4-percent year-on-year decline VIP table GGR, to PHP3.15 billion. Judged sequentially, the VIP revenue was up nearly 28.0 percent.
Revenue from mass-market tables stood at PHP2.56 billion in the three months to December 31, up 1.0 percent from a year earlier, and up 4.1 percent from the preceding quarter.
Gaming machines generated revenue of almost PHP3.27 billion in the fourth quarter, 1.4 percent lower than a year ago, and also down 1.3 percent sequentially.
Non-gaming revenue in the fourth quarter was up by 16.2 percent year-on-year, to about PHP1.20 billion. Measured quarter-on-quarter, such revenue increased by 29.0 percent.
Fourth-quarter adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) for Okada Manila were nearly PHP2.1 billion, down 10.2 percent year-on-year but up 91.5 percent sequentially. Full-year adjusted segmental EBITDA for the casino resort were nearly PHP7.66 billion, down 37.7 percent from the PHP12.28 billion in 2023.
For 2024, Okada Manila logged 6.03 million visitors, up marginally from the 5.99 million visitors in the preceding year.
