Universal Entertainment Corp, the parent of the Okada Manila casino resort in the Philippines, says the property promoter will work to advance the penetration rate of its “new online gaming platform” targeting Philippine customers.
The new platform was launched in 2024, stated Universal Entertainment on Thursday in its report for full-year 2024.
Land-based casino operators in the Philippines can also apply to offer online gaming for domestic customers. The country’s casino regulator, the Philippine Amusement and Gaming Corp, typically refers to such operations as Philippine Inland Gaming Operator (PIGO) business.
Okada Manila first began offering online gaming for domestic customers in April 2022.
In its annual report for 2024, Universal Entertainment said the Okada Manila casino resort would also “conduct extra promotions” via its “membership programme, Reward Circle,” to boost business.
It added: “In addition to regular hotel and food and beverage events, we aim to increase the number of visitors to Okada Manila by holding large-scale events using the hotel’s facilities and attracting foreign media to tour the area.”
Universal Entertainment reaffirmed that the property was “recruiting and training people to strengthen marketing capabilities in the gaming business”. It said the aim was to be able “to attract a broader range of local guests who live in the Philippines as well as tourists from Japan, South Korea and other Southeast Asian countries.”
Philippines-based Tiger Resort, Leisure and Entertainment Inc (TRLEI), a unit of Universal Entertainment, is responsible for the operations of Okada Manila.
On Thursday, Universal Entertainment reported net sales of JPY126.33 billion (US$825.9 million) for 2024, down 29.4 percent from the previous year. The company posted a net loss of JPY15.57 billion last year, compared with a profit of nearly JPY28.44 billion for 2023.
Okada Manila posted net sales of JPY81.98 billion last year, down 15.4 percent year-on-year. Adjusted segmental earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the property fell 34.8 percent year-on-year, to JPY19.56 billion.
“At Okada Manila … the annual performance in fiscal-year 2024 fell below the previous year’s results,” stated Universal Entertainment.
“In the gaming category, the number of VIP guests at Okada Manila continued to decline throughout the fiscal year 2024 as the slowdown of the junket business negatively affected the overall market conditions for the casino business in the Philippines,” said the parent firm.
It added: “Although sales in the mass market and gaming machine category have steadily increased overall since the pre-pandemic peak sales … in 2019, their performance in the fiscal year 2024 was down from the previous year, when demand significantly rebounded following the pandemic.”
On Thursday, Universal Entertainment also flagged a delay – to end of April this year – in the transfer of shares of Asiabest Group International Inc, an existing Philippine-listed company, which had been acquired with the intent of listing TRLEI on the Philippine Stock Exchange.
The shares are to be transferred by Hong Kong-registered Tiger Resort Asia Ltd to privately-owned real estate developer PremiumLands Corp, for a consideration of PHP510.4 million (US$8.8 million).
“As required by the relevant regulations, PremiumLands Corp conducted a tender offer for the rest of the outstanding common stock of Asiabest,” observed Universal Entertainment.
It added: “In consideration of the time required for the tender offer, a reschedule of the execution date of the transfer of shares is determined.”
