GGRAsia – Okada Manila June GGR up 26pct, half year GGR up 45pct

Okada Manila June GGR up 26pct, half year GGR up 45pct

Jul 15, 2019 Newsdesk Latest News, Philippines, Top of the deck

The promoter of the Okada Manila casino resort in the Philippines reported June gross gaming revenue (GGR) of just over PHP3.01 billion (US$58.9 million), up 26.4 percent on the just under PHP2.42 billion achieved in the prior-year period.

Judged on a half-year basis, GGR at Okada Manila (pictured) went up 44.7 percent in the six months to June 30, to nearly PHP17.66 billion, from slightly more than PHP12.20 billion in the prior-year period.

First-half 2019 VIP rolling chip volume at Okada Manila – a separate measure for gaming performance compared to GGR – went up 31.3 percent, to nearly PHP264.09 billion, compared to 201.20 billion in the first half 2018.

The tally of visitors to the resort in the first half rose 25.1 percent, to just over 2.81 million, from 2.25 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 June increased 28.7 percent judged annually, to nearly half a million – or 498,203 – compared to 387,085 in the prior-year period.

In June, GGR from VIP play rose 10.5 percent year-on-year to PHP1.41 billion, from just under PHP1.28 billion.

But the biggest improvement was in mass-market table games GGR, which rose 58 percent year-on-year to PHP787 million from PHP498 million.

Gaming machine revenue for the period was PHP813 million, up 26.8 percent on the PHP641 million from June 2018.

In addition, “other” revenue at Okada Manila in June this year amounted to PHP195 million, an improvement of 41.3 percent on the PHP138 million the year before.

The resort’s June adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) amounted to PHP424 million, compared to a loss of PHP91 million in June 2018. Adjusted EBITDA for the six months to June 30 stood at nearly PHP2.63 billion, up from 208 million in the comparable period last year.

The average daily room rate at the resort rose in June by 18.6 percent year-on-year, to PHP10,068 from PHP8,491 while the hotel occupancy rate fell 1.6 percentage points, to 97.8 percent, from 99.4 percent.