GGRAsia – Okada Manila July GGR leaps to US$62.8mln on higher visits

Okada Manila July GGR leaps to US$62.8mln on higher visits

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

The promoter of the Okada Manila casino resort in the Philippines says the business raked in gross gaming revenue (GGR) of almost PHP3.27 billion (US$62.8 million) in July, having collected about PHP2.23 billion a year earlier.

Japanese conglomerate Universal Entertainment Corp told the JASDAQ that the total revenue of the operator of the property, Tiger Resort, Leisure and Entertainment Inc grew to almost PHP3.51 billion in July from PHP2.37 billion a year earlier.

Universal Entertainment said the operator had adjusted segment earnings before interest, taxation, depreciation and amortisation of PHP562 million in July, 212 percent more than a year earlier.

The number of visits paid to the Okada Manila rose to 514,020 in July from 370,291 a year earlier, Universal Entertainment said.

The parent company told the exchange: “From the second half of July, a number of rooms within Coral Wing (Tower B) have started simulations and are now in operation. This will further strengthen the ability to attract more customers.”

July GGR from VIP-market table games at the Okada Manila grew to over PHP1.44 billion from PHP960 million a year earlier, while revenue from mass-market table games grew to PHP825 million from PHP545 million. GGR from gaming machines grew by 38.6 percent year-on-year, to PHP999 million.

Over the year ended July 31 the number of VIP-market gaming tables at the casino resort rose to 171 from 161, the number mass-market tables remained at 232 and the number of gaming machines fell to 2,657 from 2,718.

The company recorded a VIP rolling chip volume of nearly PHP44.77 billion in July, up 26.3 percent from the prior-year period, while table drop in the mass-market segment rose by 21.7 percent to PHP1.74 billion.

On Wednesday Universal Entertainment reported a net loss of JPY9.04 billion (about US$85.71 million) in the first half of 2019, having made a net profit of JPY172.54 billion a year earlier.

Universal Entertainment first-half net sales grew by 12.9 percent to just over JPY52.54 billion. Greater first-half sales by Tiger Resort, Leisure and Entertainment increased the net sales of the parent company.

GGR at the Okada Manila rose to nearly PHP17.66 billion in the first half, 44.7 percent more than a year earlier, Universal Entertainment said.