GGRAsia – Okada Manila 2Q casino GGR down slightly q-o-q

Okada Manila 2Q casino GGR down slightly q-o-q

Jul 14, 2023 Newsdesk Latest News, Philippines, Top of the deck

Second-quarter casino gross gaming revenue (GGR) at the Okada Manila casino resort in the Philippine capital declined 2.4 percent sequentially, to just above PHP11.29 billion (US$207.7 million).

Judged year-on-year, the second-quarter GGR performance was up 36.1 percent, said a Thursday filing from Japanese gaming conglomerate Universal Entertainment Corp. The information was in the preliminary results of the property which is promoted by an entity called Tiger Resort, Leisure and Entertainment Inc.

For part of the second quarter of 2022 – from May 31 that year and for three months afterwards – supporters of Kazuo Okada, the ousted founder of Universal Entertainment, physically occupied the premises of Okada Manila. Universal Entertainment said in a September 4, 2022 statement that it had taken back control of the property.

This week it emerged that a court in the Philippines had ordered the arrest of Mr Okada and some other people for alleged “qualified theft” during the three-month period that his group physically took over Okada Manila. That was according to a statement from the management of Okada Manila sent to GGRAsia.

Adjusted segment earnings before interest, taxation, depreciation and amortisation (EBITDA) for the property in the second quarter this year fell 7.8 percent from the first three months, to PHP3.07 billion. Such second-quarter EBITDA increased 39.9 percent judged year-on-year.

Total second-quarter 2023 revenue for Okada Manila was slightly under PHP12.21 billion, down 3.2 percent sequentially, but improved by 36.2 percent from second-quarter 2022.

The aggregate number of visitors to the property in the second quarter this year was just over 1.42 million, down 2.7 percent sequentially. When measured year-on-year, the second quarter recorded a 35.6 percent improvement in visitor volume.

“Other” revenue in the second quarter this year – including from the hotel operation, food and drink services, retailing, and entertainment – fell 11.8 percent quarter-on-quarter, to PHP915 million. Relative to the second quarter of 2022, such revenue rose 37.6 percent.

Second-quarter 2023 VIP table games GGR was down 1.8 percent sequentially, at PHP4.43 billion. Year-on-year, it was up 36.4 percent.

Mass-market table GGR slipped 2.7 percent quarter-on-quarter, at PHP3.07 billion. Compared to second-quarter 2022, it was up 40.1 percent.

Gaming machine GGR in the April to June period this year was just under PHP3.80 billion, down 2.8 percent sequentially, but an increase of 32.7 percent year-on-year.