Okada Manila GGR down 42% to US$109 million in 1Q21

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Okada Manila

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Tiger Resort, Leisure & Entertainment, Inc. (TRLEI), the wholly-owned subsidiary of Japans Universal Entertainment Corp that operates Philippines integrated resort Okada Manila, has reported a 35% year-on-year decline in Adjusted segment EBITDA to Php692 million (US$14.3 million) in 1Q21 on the impact of COVID-19.

The results, which also saw gross gaming revenues fall 42% to Php5.29 billion (US$109 million), reflect reduced operating capacity throughout the first quarter of 2021 compared with the same period last year, when Okada Manila maintained normal operations until closing its doors on 15 March.

TRLEI said Friday that VIP table games revenue fell 49.0% year-on-year to Php2.33 billion (US$48.2 million) and mass table revenue by 49.3% to Php861 million (US$17.8 million) in 1Q21. Gaming machine revenue fell by just 19.4% to Php1.90 billion (US$39.3 million).

The number of visitors to Okada Manila fell by more than half, from almost 1.2 million in 1Q20 to 572,000 in the first three months of this year, while the hotel occupancy rate was 74.% versus 91.4% a year earlier.

All casinos in Manila have been closed since 29 March 2021 due to the latest wave of COVID-19 sweeping the nation. President Rodrigo Duterte revealed last week that Modified Enhanced Community Quarantine (MECQ) measures would remain in place for the National Capital Region until at least 30 April.