GGRAsia – Okada Manila Jan-Sept casino GGR up 46pct

Okada Manila Jan-Sept casino GGR up 46pct

Oct 14, 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 September gross gaming revenue (GGR) rose 29.6 percent year-on-year. Such GGR was just under PHP3.16 billion (US$61.3 million), compared to almost PHP2.44 billion a year earlier, according to preliminary data released on Friday.

During the first nine months of 2019, GGR at Okada Manila went up 46.2 percent, to nearly PHP27.94 billion, from about PHP19.11 billion in the prior-year period.

In the first nine months of 2019, VIP rolling chip volume at Okada Manila – a separate measure for gaming performance compared to GGR – went up 33.5 percent, to nearly PHP402.65 billion, compared to 301.67 billion in January to September 2018.

The tally of visitors to the resort in the first nine months of the current year rose 25.7 percent in year-on-year terms, to just over 4.33 million. The venue is promoted by Tiger Resort, Leisure and Entertainment Inc, a unit of Japan’s Universal Entertainment Corp.

The total number of visitors to the property in September increased 22.9 percent judged annually, to nearly half a million – or 494,000 – compared to about 402,000 in the prior-year period.

In September, GGR from VIP play from table games rose 19.7 percent year-on-year to PHP1.48 billion, from just under PHP1.24 billion. But the biggest improvement in percentage terms was in mass-market table games GGR, which rose 48.9 percent year-on-year to PHP767 million.

Gaming machine revenue for September was PHP910 million, up 32.8 percent on the PHP641 million from June 2018.

In addition, “other” revenue – related respectively to the hotel, food and beverage, retail and entertainment segments – at Okada Manila in September amounted to PHP206 million, an improvement of 37.3 percent on the PHP150 million the year before.

The resort’s September adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) amounted to PHP554 million, compared to PHP162 million in September 2018. Adjusted EBITDA for the nine months to September 30 stood at nearly PHP4.50 billion, up from PHP764 million in the comparable period last year.

The average daily room rate at the resort rose in September by 5.1 percent year-on-year, to PHP9,425, while the hotel average occupancy rate increased 0.8 percentage points, to 99.4 percent, according to the company data.