Tiger Resort, Leisure and Entertainment Inc. reported on Friday that second-quarter gross gaming revenue (GGR) at Okada Manila casino resort in the Philippine capital fell by 21.8 percent year-on-year. GGR for the three months ending June 30 was just under PHP8.84 billion, down from PHP11.29 billion in the same period last year but slightly up from PHP8.78 billion in the first quarter.
Okada Manila’s quarterly GGR has been decreasing year-on-year since the end of the third quarter of last year. After a 29.7 percent year-on-year increase in GGR for the July to September 2023 period, the property saw declines of 11.2 percent in the fourth quarter of 2023 and 24.1 percent in the first quarter of 2024.
For the first half of 2024, Okada Manila’s GGR was PHP17.61 billion, a 23.0 percent decline from the previous year.
The second-quarter GGR drop was primarily due to a 34.5 percent year-on-year decrease in VIP revenue, which fell to PHP2.90 billion, although this was a 12.2 percent increase quarter-on-quarter.
Mass-market table revenue for the three months to June 30 was PHP2.97 billion, down 3.4 percent from a year earlier and flat from the previous quarter. Gaming machines generated PHP2.97 billion, a 21.8 percent decrease year-on-year and an 8.2 percent decline sequentially.
Non-gaming revenue in the second quarter rose by 9.7 percent year-on-year to about PHP1.00 billion, a 3.4 percent increase from the previous quarter.
Adjusted segmental earnings before interest, taxation, depreciation, and amortisation (EBITDA) for Okada Manila fell by 30.0 percent year-on-year to PHP2.15 billion, an 8.0 percent decline from the previous quarter.
In the second quarter, Okada Manila welcomed close to 1.45 million visitors, an increase of about 25,000 year-on-year. The property had recorded around 1.46 million visitors in the first quarter of 2024.
Tiger Resort, a unit of Japanese conglomerate Universal Entertainment Corp., announced earlier this month the termination of a term sheet with PH Resorts Group Holdings Inc. This agreement would have seen Okada Manila invest in the stalled Emerald Bay casino resort project in Mactan, Cebu.
Casinos and online casinos will have its ups and downs. What is important to see is how Okada responds to help increase its revenues and give a better experience to its gaming and non gaming customers.