First-quarter casino gross gaming revenue (GGR) declined 11.1 percent year-on-year at the Okada Manila casino resort (pictured) in the Philippine capital. That is 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 PHP7.81 billion (US$136.7 million), compared to nearly PHP8.78 billion in the prior-year period. The result was down 13.1 percent sequentially on the fourth quarter 2024.
The first-quarter 2025 GGR tally was dragged by a 31.5 percent year-on-year fall in VIP revenue, to PHP1.77 billion. VIP revenue was down 43.8 percent quarter-on-quarter.
First-quarter 2025 revenue from mass-market tables stood at PHP3.04 billion, a rise of 2.8 percent from a year earlier. Mass table revenue was up 18.9 percent quarter-on-quarter.
In the three months to March 31, Okada Manila’s gaming machines generated revenue of PHP2.99 billion, down 7.5 percent year-on-year, and a decline of 8.4 percent from the final quarter of 2024.
Non-gaming revenue in the first quarter fell by 3.1 percent year-on-year, to PHP941 million. In fourth-quarter 2024, Okada Manila revenue outside gaming operations was classified as “other revenue” and amounted to just over PHP1.20 billion
First-quarter 2025 adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) for Okada Manila declined by 23.8 percent from a year earlier, to just under PHP1.78 billion. Judged sequentially, such quarterly adjusted EBITDA were down 15.2 percent.
Tiger Resort is a unit of Japanese conglomerate Universal Entertainment Corp.
For full-year 2024, GGR at Okada Manila stood at nearly PHP34.82 billion, down 21.8 percent from the previous year. Adjusted segmental EBITDA in full-year 2024 had reached nearly PHP7.64 billion, down 37.8 percent from 2023.
