GGRAsia – Flat January GGR at Okada Manila, but EGMs do well

Flat January GGR at Okada Manila, but EGMs do well

Feb 13, 2020 Newsdesk Latest News, Philippines, Top of the deck

The promoter of the Okada Manila casino resort (pictured) in the Philippine capital said the property’s total January gross gaming revenue (GGR) was almost flat year-on-year.

Such GGR was nearly PHP3.84 billion (US$75.9 million), compared to PHP3.84 billion a year earlier, according to preliminary data released on Wednesday.

The resort’s parent, Japan-based Universal Entertainment Corp, gave no commentary on the reason for the flat performance in GGR compared to the strong growth seen across last year. Okada Manila is operated by local subsidiary Tiger Resort, Leisure and Entertainment Inc.

VIP table games GGR in January went down 13.0 percent year-on-year in the month, to just under PHP1.99 billion, from slightly below PHP2.29 billion. The VIP rolling chip win rate stood at 3.65 percent last month, compared to 4.60 percent in January 2019.

VIP rolling chip volume for January was actually up 9.7 percent at just below PHP54.46 billion, versus nearly PHP49.65 billion in the prior-year period.

Mass-market table games GGR at Okada Manila in January rose 8.5 percent to PHP853 million, from PHP786 million. Electronic gaming machine (EGM) GGR expanded by 29.2 percent to PHP996 million, from PHP771 million.

“Other” January revenue went up 33.0 percent to PHP234 million, compared to PHP176 million in the same month a year earlier, according to Wednesday’s filing.

Okada Manila’s aggregate revenue for January rose 1.3 percent from the prior-year period, to PHP4,07 billion, from just under PHP4.02 billion.

January’s adjusted segment earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 20.3 percent year-on-year, to PHP781 million, versus PHP649 million in January 2019. Adjusted EBITDA was however down 24.7 percent sequentially.