
The gross gaming revenue (GGR) of Okada Manila casino resort in the Philippine capital experienced a quarter-on-quarter decline of 24.5 percent, as reported in a Monday filing by its promoter, Tiger Resort, Entertainment, and Leisure Inc. For the three months ending on December 31, the GGR stood slightly above PHP9.32 billion (US$166.8 million), contrasting with PHP12.35 billion in the third quarter. Comparing year-on-year, the fourth-quarter casino GGR witnessed an 11.2 percent decrease. However, the company did not elaborate on the reasons behind this GGR change during the specified reporting period.
In the fourth quarter, non-gaming revenue saw a 13.3 percent increase sequentially, reaching PHP1.03 billion. On a year-on-year basis, this revenue experienced a 2.5 percent decline.
Adjusted segmental earnings before interest, taxation, depreciation, and amortization (EBITDA) for Okada Manila showed a 36.0 percent decline quarter-on-quarter, amounting to nearly PHP2.28 billion. Year-on-year, these earnings decreased by 19.3 percent.
For the entire year of 2023, Okada Manila’s GGR reached almost PHP44.54 billion, marking a 29.7 percent increase from the previous year. Year-on-year, non-gaming revenue rose by 36.3 percent, totaling just below PHP3.90 billion. Adjusted segmental EBITDA for the year reached PHP12.22 billion, reflecting a 42.1 percent increase from 2022.
In December, Universal Entertainment announced its agreement to invest, holding a majority stake, in companies associated with the delayed Emerald Bay casino resort scheme in Cebu, Philippines. If the deal concludes as anticipated by July of this year, the parent company stated that the development and construction of the resort project would progress with the goal of opening in 2026.
The gaming industry will have its ups and downs and as long as operations remain profitable, business continues and hopefully the revenue streams come back up again.