GGRAsia – Okada Manila casino GGR up 72pct in August

Okada Manila casino GGR up 72pct in August

Sep 12, 2019 Newsdesk Latest News, Philippines, Top of the deck

The promoter of the Okada Manila casino resort (pictured) in the Philippine capital said the property’s total August gross gaming revenue (GGR) rose 72 percent year-on-year.

Such GGR was just under PHP3.86 billion (US$74 million), compared to PHP2.24 billion a year earlier, according to preliminary data released on Wednesday.

The increase in GGR was due to “increased mass-market volumes and high VIP win rate,” said Japan-based Universal Entertainment Corp in a Wednesday announcement, referring latterly to the house performance versus the players in the high-roller segment. Okada Manila is operated by local subsidiary Tiger Resort, Leisure and Entertainment Inc.

VIP table games GGR went up 147.6 percent in the month, to just under PHP1.96 billion, from PHP790 million a year earlier.

Mass-market table games GGR rose 27.7 percent, to PHP917 million, from PHP718 million. Gaming machine GGR expanded by 33.9 percent, to PHP984 million, from PHP735 million.

“Other” August revenue went up 64.2 percent, to PHP225 million, compared to PHP137 million in the same month a year earlier, according to Wednesday’s filing.

Okada Manila’s aggregate revenue for August rose 71.5 percent from the prior-year period, to PHP4.08 billion. August’s adjusted segment earnings before interest, taxation, depreciation and amortisation were PHP754 million last month, versus PHP213 million in August 2018.

The parent company said that in the first eight months of 2019, aggregate GGR rose by 48.6 percent year-on-year, to nearly PHP24.78 billion.

VIP rolling chip volume in the eight months to August 31 stood at PHP350.6 billion, up 30.8 percent from the prior-year period, while VIP revenue grew by 55.8 percent in the period, to approximately PHP11.89 billion. Mass-market revenue increase by 48.1 percent year-on-year, to nearly PHP6.19 billion.

In August, the Japanese conglomerate said its net sales in the first six months of 2019 rose by 12.9 percent in year-on-year terms, boosted by an increase in sales at the Okada Manila casino resort.