Okada Manila Reports Decline in Q2 Casino Revenue

The operator of Okada Manila, Tiger Resort, Leisure and Entertainment Inc., revealed that the gross gaming revenue (GGR) of the casino fell by 21.8% in the second quarter of 2018 compared to the same period last year. GGR decreased from PHP11.29 billion in the same time previous year to PHP8.84 billion (US$151.3 million) in April through June. Comparing it to PHP8.78 billion in the first quarter of 2024, there was a minor gain.

The decline in Q2 GGR was largely driven by a significant drop in VIP revenue, which fell by 34.5% year-on-year to PHP2.90 billion. Despite this, VIP revenue saw a quarter-on-quarter increase of 12.2%. Meanwhile, revenue from mass-market tables totaled PHP2.97 billion, down 3.4% from the previous year and unchanged from the previous quarter. Gaming machines also saw a decrease in revenue, generating PHP2.97 billion, a 21.8% drop year-on-year and an 8.2% decline sequentially.

Non-Gaming Revenue and Visitor Numbers

Contrary to gaming revenue, non-gaming revenue experienced growth. The second quarter saw a 9.7% year-on-year increase in non-gaming revenue, reaching about PHP1.00 billion. This was a 3.4% rise from the previous quarter. Okada Manila welcomed nearly 1.45 million visitors in the second quarter, up by about 25,000 compared to the same period last year, though slightly lower than the 1.46 million visitors in the first quarter of 2024.

Okada Manila’s adjusted segmental earnings before interest, taxation, depreciation, and amortization (EBITDA) fell by 30.0% year-on-year to PHP2.15 billion, and declined by 8.0% sequentially. The casino has seen a year-on-year decline in quarterly GGR since the end of the third quarter of 2023. Despite a 29.7% increase in GGR for July to September 2023, the fourth quarter of 2023 and the first quarter of 2024 recorded declines of 11.2% and 24.1% respectively. For the first half of 2024, the GGR was PHP17.61 billion, reflecting a 23.0% year-on-year decline.