According to a filing on Monday by its promoter, Tiger Resort, Leisure and Entertainment Inc., the Okada Manila casino resort in the Philippine capital witnessed a 24.1 percent year-on-year drop in its gross gaming revenue (GGR).
During the three months ending on March 31, the GGR amounted to nearly PHP8.78 billion (US$154.0 million), down from PHP11.57 billion in the same period last year, marking a 5.8 percent sequential decrease.
The decline in first-quarter GGR was primarily driven by a 42.6 percent year-on-year decrease in VIP revenue, totaling approximately PHP2.59 billion, with a 25.7 percent quarter-on-quarter decline. Meanwhile, revenue from mass-market tables decreased by 6.3 percent year-on-year to PHP2.96 billion but rose by 16.9 percent from the previous quarter.
Revenue from gaming machines amounted to PHP3.23 billion, down by 17.2 percent compared to the previous year and 2.4 percent sequentially.
Non-gaming revenue in the first quarter experienced a 6.5 percent year-on-year decline, reaching about PHP971 million. Quarter-on-quarter, this revenue decreased by 6.0 percent.
Adjusted segmental earnings before interest, taxation, depreciation, and amortization (EBITDA) for Okada Manila in the first quarter decreased by 29.9 percent year-on-year to PHP2.33 billion but increased by 2.5 percent sequentially.
In full-year 2023, GGR at Okada Manila amounted to nearly PHP44.54 billion, marking a 29.7 percent increase from the previous year. Non-gaming revenue also saw a significant rise of 36.3 percent year-on-year, totaling just below PHP3.90 billion. Adjusted segmental EBITDA reached PHP12.22 billion in 2023, reflecting a 42.1 percent increase from 2022.
Tiger Resort is a subsidiary of the Japanese conglomerate Universal Entertainment Corp and also offers an online casino gaming platform to its members.