Good morning. Results season is upon us, with some jurisdictions coming out better than others. In the Philippines, Okada Manila saw an impressive 4Q22, with GGR up 50 percent annually, topping $192.7 million, driven by impressive performance in mass, even as VIP fell off. Macau, meanwhile, is expecting a double-digit increase in its economy in 2023, as operations ramp up again, set to be one of the major beneficiaries of China’s opening-up policy, as seen by over 451k tourists during Chinese New Year.
What you need to know
- Okada Manila delivered strong performance in 4Q22, with GGR up 50 percent annually, topping $192.7 million, driven by mass as VIP declined sharply.
- Macau is set to be one of the economies most benefited by China’s opening up, according to Fitch analysts, but other regional gaming will get its share.
- Monetary authority says Macau’s economy to grow in double digits in 2023, fueled by a return of the gaming industry.
On the radar
- PH senator: privatize PAGCOR to bankroll sovereign investment fund.
- Macau welcomes 451k tourists during CNY Golden Week.
- PH province of Bataan signs MOU with blockchain provider NChain.
- G2E Asia returns in 2023 with dates for Macau and Singapore.
- Summit Ascent to provide $62mln loan to former Suncity company LET.
- AGS appoints Adam Chibib as Chairman of the Board.
AGB Intelligence
MANILA
Okada Manila sees 50% GGR increase in 4Q22
Okada Manila has seen a sharp rebound in gross gaming revenue in the fourth quarter, up nearly 50 percent year-on-year, reaching $192.7 million. The move was largely driven by mass and continues strong upticks in the third quarter. VIP, meanwhile, continues to fall, despite full-year results seeing strong delivery from the segment. Strong hotel occupancy accompanied the GGR revenues, driving impressive EBITDA returns for the year.
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