GGRAsia – Okada Manila slots GGR outstrips mass tables in November

Okada Manila slots GGR outstrips mass tables in November

Dec 13, 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 November gross gaming revenue (GGR) rose 29.3 percent year-on-year.

The property’s performance was helped by gaming machine GGR that rose 42.9 percent, making it a larger aggregate number in Philippine pesos terms for that month than mass-market table games GGR.

“The slot business continues to ramp, with handle up 46 percent year-on-year in November to a record monthly high of PHP16 billion [US$316.7 million],” said John DeCree, an analyst at Union Gaming Securities Inc, in a Friday note, citing another measure of slot performance.

Total property GGR at Okada Manila in November was PHP3.76 billion, compared to PHP2.91 billion a year earlier, according to preliminary data released on Thursday.

VIP table games GGR for November was just under PHP1.89 billion, from PHP1.45 billion a year earlier, an increase of 29.8 percent.

Mass-market table games GGR rose 15.9 percent, to PHP884 million, from PHP763 million. Gaming machine GGR expanded by 42.9 percent, to PHP993 million, from PHP695 million.

“Other” November revenue went up 31.3 percent, to PHP239 million, compared to PHP182 million in the same month a year earlier, according to Thursday’s filing.

Japan-based Universal Entertainment Corp did not give any commentary on the monthly result. Okada Manila is operated by its local subsidiary Tiger Resort, Leisure and Entertainment Inc.

But Union Gaming noted Okada Manila’s VIP business was “on a tear,” while the mass segment was “steadily growing” and slots were “ramping”.

“We had anticipated VIP volume growth would accelerate in fourth quarter 2019 but the first two months of the quarter were notably stronger than expected,” wrote Union Gaming analyst Mr DeCree.

“We are now forecasting 78 percent VIP rolling chip volume growth in the quarter,” he added, citing another measure of performance from that of GGR.

Macau VIP junket brand Suncity Group has a presence at Okada Manila.