Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila in the Philippines, disclosed gross gaming revenue (GGR) of PHP11.3 billion ($194 million) for 2Q24, marking a 21.8 percent decrease, largely attributed to declines in VIP and gaming machine segments.
Despite this, the result showed a slight improvement over 1Q24 GGR.
According to the latest business update, in 2Q24, Okada Manila’s VIP gaming tables saw a 34.5 percent year-on-year decline, generating PHP2.9 billion ($49.7 million), while gaming machines fell by 21.8 percent to PHP2.97 billion ($50.9 million).
Mass gaming table revenue also decreased by 3.4 percent to PHP2.97 billion ($50.9 million), contrasting with a 9.7 percent increase in non-gaming revenue to PHP1 billion ($17.1 million).
Adjusted segment EBITDA for the period declined by 30 percent year-on-year to PHP2.15 billion ($36.8 million), despite an uptick in total property visitors to 1.45 million from 1.42 million in 2Q23.
For the first half of 2024, Okada Manila’s combined GGR dropped 23 percent year-on-year to PHP17.6 billion ($301 million), with adjusted segment EBITDA also decreasing by 30 percent to PHP4.45 billion ($76.2 million).
TRLEI, a subsidiary of the Japanese conglomerate Universal Entertainment Corp., also recently terminated a term sheet earlier this month with PH Resorts Group. This decision halts plans for Tiger Resort’s investment in the stalled Emerald Bay casino resort project in Cebu.
