Casino gross gaming revenue (GGR) declined 24.5 percent quarter-on-quarter 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.
The unit of Japanese conglomerate Universal Entertainment Corp said such GGR for the three months to December 31 was just above PHP9.32 billion (US$166.8 million), compared to PHP12.35 billion in the third quarter.
Judged year-on-year, fourth-quarter casino GGR was down 11.2 percent. The company did not provide details regarding the reasons for the change to GGR during the reporting period.
Non-gaming revenue in the fourth quarter rose 13.3 percent on a sequential basis, to PHP1.03 billion. Measured year-on-year, such revenue decreased 2.5 percent.
Adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) for Okada Manila declined by 36.0 percent judged quarter-on-quarter, to nearly PHP2.28 billion. Year-on-year, such earnings went down by 19.3 percent.
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.
In December, Universal Entertainment said it had agreed to invest – via a majority stake – in companies linked to the stalled Emerald Bay casino resort scheme in Cebu, in the Philippines. If the deal is finalised as expected by July this year, the “development and construction of the resort project will proceed with the aim of opening in 2026,” said the parent company at the time.
