Philippines – GGR fell by 42% during Okada Manila’s first quarter

Philippines

Universal Entertainment stated that Tiger Resort Leisure & Entertainment, the operator of the Philippines integrated resort Okada Manila, saw a 35% year-on-year drop in EBITDA. It was down to Php69m(US$14.3m) in the first quarter of 2021. It was due to the COVID-19 pandemic.

Universal said: “Tiger Resort Leisure & Entertainment submitted gross gaming revenue of 5,098m Philippine pesos and other revenue of 188m pesos for FY2021 1Q. Total revenue fell 42% (3,820 million pesos) year over year to 5,286 million pesos, and adjusted segment EBITDA fell 35% (377 million pesos) to 692 million pesos.

In the first quarter, VIP table games revenue fell 49% year on year to Php2.33 billion (US$48.2 million). And, mass table revenue fell 49.3% to Php861 million (US$17.8 million). Revenue from slot machines fell by only 19.4%. In the first quarter, attendance dropped to around 572,000, with a 74% hotel occupancy rate compared to 91.4% in 2020.

Manila’s casinos are currently closed and will be until the end of April at the earliest.

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