Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila, reported that the resort’s gross gaming revenue (GGR) dropped by 24.5 percent quarter-on-quarter. For the three months ending December 31, GGR totaled just over PHP9.32 billion (US$166.8 million), down from PHP12.35 billion in the third quarter. Although the company did not explain the reason for the decline, the dip followed a strong earlier performance. On a year-on-year basis, GGR also fell by 11.2 percent in the fourth quarter.
Despite the gaming slowdown, Okada Manila boosted its non-gaming revenue by 13.3 percent compared to the previous quarter, reaching PHP1.03 billion. However, that figure marked a 2.5 percent decrease from the same period in the previous year.
Adjusted segmental EBITDA also reflected the downward trend in Q4. The casino posted nearly PHP2.28 billion in EBITDA, which represented a 36 percent quarter-on-quarter decrease and a 19.3 percent drop year-on-year.
Nevertheless, the full-year numbers for 2023 tell a more optimistic story. Okada Manila grew its GGR to nearly PHP44.54 billion, a 29.7 percent jump from 2022. Non-gaming revenue also increased substantially, rising by 36.3 percent year-on-year to just under PHP3.90 billion. In addition, adjusted segmental EBITDA surged by 42.1 percent, reaching PHP12.22 billion for the year.
Meanwhile, Universal Entertainment, Okada Manila’s parent company, recently confirmed its plans to acquire a majority stake in firms behind the stalled Emerald Bay casino resort project in Cebu. The group expects to finalize the transaction by July 2024. If all goes as planned, they will resume construction, targeting a 2026 opening.
Although Q4 posed challenges, the gaming industry often moves in cycles. As long as operators maintain profitability, they can weather short-term downturns and look forward to renewed momentum in the quarters ahead.
