Casino gross gaming revenue (GGR) declined 24.1 percent year-on-year at the Okada Manila casino resort (pictured) in the Philippine capital, according to a Monday filing from its promoter, Tiger Resort, Leisure and Entertainment Inc.
Such GGR for the three months to March 31 was just under PHP8.78 billion (US$154.0 million), compared to PHP11.57 billion in the prior-year period. The result was down 5.8 percent sequentially.
The first-quarter GGR tally was dragged by a 42.6-percent year-on-year fall in VIP revenue, to nearly PHP2.59 billion. VIP revenue was down 25.7 percent quarter-on-quarter.
Revenue from mass-market tables stood at PHP2.96 billion in the three months to March 31, down 6.3 percent from a year earlier, but up 16.9 percent from the preceding quarter.
Gaming machines generated revenue of PHP3.23 billion, 17.2-percent lower than a year ago, and down 2.4 percent sequentially.
Non-gaming revenue in the first quarter fell by 6.5 percent year-on-year, to about PHP971 million. Measured quarter-on-quarter, such revenue decreased 6.0 percent.
First-quarter adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) for Okada Manila declined by 29.9 percent from a year earlier, to PHP2.33 billion. But such earnings went up by 2.5 percent sequentially.
Tiger Resort is a unit of Japanese conglomerate Universal Entertainment Corp.
For full-year 2023, GGR at Okada Manila stood at nearly PHP44.54 billion, up 29.7 percent from the previous year. Non-gaming revenue rose by 36.3 percent year-on-year, to just below PHP3.90 billion.
Adjusted segmental EBITDA reached PHP12.22 billion last year, up 42.1 percent from 2022.
