Okada Manila posts $170.78mln in 3Q22 GGR, boosted by mass

Okada Manila operator Universal Entertainment Corp says that the property recorded some PHP9.51 billion ($170.78 million) in gaming revenue during the third quarter of the year, up 128 percent yearly, led by mass-market play.

In results published by Universal subsidiary Tiger Resort, Leisure and Entertainment Inc. (TRLEI) on Friday, the group reported that Okada Manila reached a total of PHP2.49 billion ($44.67 million) in gaming revenue came from mass table games, up nearly 200 percent, while gaming machines provided PHP3.06 billion ($54.89 million), up 178 percent yearly.

VIP play totaled PHP3.96 billion ($71 million) in revenue, up 78.2 percent year-on-year.

Adjusted segment EBITDA rose by a staggering 451 percent, to PHP2.44 billion ($43.77 million) in the quarter.

The group also derived some PHP762 million ($13.67 million) in other revenue from the property, up 719 percent yearly, aiding to the group’s combined revenue of PHP10.28 billion ($184.44 million), up 141 percent yearly.

The group had delayed the publishing of its third quarter results as it sought to calculate the financial impact of the three-month occupation of Okada Manila by representatives of former company founder Kazuo Okada. Okada Manila only reverted to TRLEI on September 5^th, after a court decision.

Universal had previously announced that it was expecting an ‘extraordinary loss’ of JPY1.6 billion ($11.48 million) associated with the illegal occupation of the premises, having already reported a JPY120 million ($143,500) loss due to the occupation and a payment of JPY20 million ‘associated with the illegal occupation’.

During the occupation – from May 31^st to September 2^nd, Universal says that ‘TRLEI executives were fired, employees who didn’t follow orders were fired, contracts and other TRLEI documents […] were taken to a different location, some physical assets were improperly acquired (some cash handled at the casino cage was taken to a different location) and there are suspicions that digital data were altered’.

Following the attempted takeover, Kazuo Okada was arrested by Philippine police in October on coercion charges.