Tiger Resort, Leisure and Entertainment Inc. announced on Friday that gross gaming revenue (GGR) at Okada Manila fell sharply in the second quarter of 2024. The casino resort, located in the Philippine capital, posted GGR of just under PHP8.84 billion for the three months ending June 30. This figure represents a 21.8% drop compared to PHP11.29 billion in the same period last year. However, it showed a slight quarter-on-quarter increase from PHP8.78 billion in Q1.
Since the end of the third quarter of 2023, Okada Manila’s quarterly GGR has consistently declined year-on-year. After recording a 29.7% year-on-year GGR increase from July to September 2023, the property experienced a steady downturn. GGR dropped by 11.2% in Q4 2023 and declined further by 24.1% in Q1 2024.
For the first half of 2024, Okada Manila generated GGR totaling PHP17.61 billion. This marked a 23.0% decrease from the same period last year.
The recent GGR contraction mainly resulted from a 34.5% year-on-year plunge in VIP revenue. VIP play contributed PHP2.90 billion in Q2. Still, this segment showed signs of recovery with a 12.2% increase from the first quarter.
Meanwhile, mass-market table revenue reached PHP2.97 billion. This figure reflected a modest 3.4% year-on-year decline. It also remained flat when compared to Q1 levels.
Gaming machines also contributed PHP2.97 billion during the quarter. However, this revenue dropped by 21.8% compared to the same quarter in 2023. It also slipped by 8.2% from the previous quarter.
On a more positive note, non-gaming revenue increased by 9.7% year-on-year, reaching about PHP1.00 billion. This segment also saw a 3.4% improvement compared to Q1.
Despite positive trends in non-gaming performance, Okada Manila reported a 30.0% year-on-year drop in adjusted EBITDA. The property generated PHP2.15 billion in adjusted segmental earnings before interest, taxation, depreciation, and amortization. Quarter-on-quarter, EBITDA also declined by 8.0%.
In terms of foot traffic, Okada Manila welcomed close to 1.45 million guests in Q2 2024. That total represents an increase of approximately 25,000 visitors compared to the same period in 2023. However, it slightly trailed Q1’s total of around 1.46 million visitors.
Earlier this month, Tiger Resort—operating under Japanese conglomerate Universal Entertainment Corp.—announced the termination of its term sheet with PH Resorts Group Holdings Inc. This agreement would have enabled Okada Manila to invest in the stalled Emerald Bay casino project in Mactan, Cebu.
While revenue dips remain a reality for both land-based and online casinos, the real test lies in how operators like Okada Manila respond. Moving forward, Okada must develop new strategies to boost gaming activity and enhance the overall guest experience. Improving both gaming and non-gaming services will play a crucial role in reversing the current trend and restoring revenue growth.
