Okada Manila trending north with positive EBITDA in June

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Okada Manila

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Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) reported an EBITDA loss of Php204 million (US$4.1 million) in 2Q21 but returned to profitability in June on easing COVID-19 restrictions across Manila.

After reporting an EBITDA loss of Php372 million (US$7.4 million) through April and May, Okada Manila recorded positive EBITDA of Php167 million (US$3.3 million) in June reflecting rising GGR throughout the quarter from Php484 million (US$9.6 million) in April to Php694 million (US$13.8 million) in May and Php1.44 billion (US$28.7 million) in June. Total 2Q21 GGR was Php2.61 billion (US$52.0 million).

Casinos across Manila suspended operations in late March after Philippines President Rodrigo Duterte placed the city under the most restrictive Enhanced Community Quarantine (ECQ). Restrictions were eased to Modified ECQ (MECQ) in mid-April and again to General Community Quarantine (GCQ) in mid-May.

A total of 13 hotels across Manila, including at all four of the citys integrated resorts, were granted permission to operate at full capacity in late May.

With business ramping back up, it was the VIP segment that led the way for Okada Manila through Q2 with GGR of Php1.51 billion (US$30.1 million) including Php837 million (US$16.7 million) in June. Mass gaming revenue for the quarter was Php526 million (US$10.5 million) and machine revenue Php528 million (US$10.5 million).

Of the 208,024 property visitors for the quarter, 154,159 were in June.

Okada Manila had reported zero revenue in the second quarter of 2020 when the city was in the midst of its original COVID-19 outbreak.