GGRAsia – Okada Manila 4Q gaming revenue up 50pct y-o-y

Okada Manila 4Q gaming revenue up 50pct y-o-y

Jan 30, 2023 Newsdesk Latest News, Philippines, Top of the deck

The promoter of the Okada Manila casino resort (pictured) in the Philippine capital reported fourth-quarter gross gaming revenue (GGR) that rose 49.7 percent year-on-year, contributing to a full-year tally that went up by 81.5 percent.

Casino GGR for the three months to December 31 was nearly PHP10.50 billion (US$192.4 million), from PHP7.01 billion in the prior-year period, while full-year GGR was PHP34.34 billion, from nearly PHP18.92 billion in 2021.

For the fourth quarter, total resort revenue went up 54.9 percent year-on-year, to nearly PHP11.56 billion, from almost PHP7.46 billion. Judged for the whole of 2022, venue revenue went up 88.9 percent year-on-year, to nearly PHP37.20 billion.

Okada Manila’s adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) for the fourth quarter rose 96.3 percent year-on-year, to almost PHP2.83 billion, and improved by 263.0 percent for the full year, to PHP8.61 billion.

VIP table game GGR at Okada Manila actually went down 4.5 percent year-on-year in the fourth quarter, to PHP3.60 billion. Full year, it was up 38.8 percent, to nearly PHP13.35 billion.

Fourth-quarter mass table game GGR rose 132.5 percent year-on-year, to almost PHP3.12 billion. For the full year, it went up 144.7 percent year-on-year, to PHP9.33 billion.

Gaming machine GGR improved by 98.6 percent year-on-year in the final three months of 2022, to PHP3.78 billion. For the 12 months, it rose 112.6 percent, to nearly PHP11.66 billion

Okada Manila’s promoter, Tiger Resort, Leisure and Entertainment Inc, did not give commentary in its Friday announcement, on reasons for the overall 2022 improvement, but it coincided with the Manila casino market reopening in the first half of the year, after a period of closures and capacity limitations linked to the Covid-19 pandemic.

During the year, it had also been announced that Okada Manila had been from mid-April permitted to operate online casino business from its bricks-and-mortar premises.

The venue nonetheless experienced some turbulence in its operations between May 31 to September 2, when people acting on behalf of Okada Manila’s ousted founder, Kazuo Okada, first occupied and then ran the property.

Japan’s Universal Entertainment Corp, the founding parent of Okada Manila, had in December said it had recorded an extraordinary loss of nearly JPY1.62 billion (US$12.5 million) in the third quarter last year, associated with what it called the “illegal occupation” of the casino resort.