Casino gross gaming revenue (GGR) at Okada Manila recorded a noticeable drop on both a quarterly and yearly basis, according to the latest financial update.
The operating entity of Okada Manila, Universal Entertainment Corp, reported that its GGR decreased by 11.2 percent yearly and 24.8 percent quarterly in 4Q23 to PHP9.32 billion ($167 million).
Non-gaming revenue in 4Q23 increased by 13.3 percent sequentially, reaching PHP 1.03 billion. On a year-on-year basis, this revenue experienced a decrease of 2.5 percent.
Regarding the whole year of 2023, Okada Manila’s GGR increased by nearly 30 percent to PHP 44.5 billion ($796.4 million).
All segments, including mass, VIP, and slot machines, recorded a surge in GGR. Revenue generated from VIP table games was up by 26.2 percent to PHP16.8 billion ($301 million) compared to 2022.
Mass table GGR reached PHP12.9 billion ($230 million) in 2023, representing an increase of 37.8 percent. Meanwhile, slot machine revenue also jumped by 27.3 percent to PHP14.8 billion ($265 million) in 2023.
Universal Entertainment announced its agreement to invest, holding a majority stake in companies associated with the delayed Emerald Bay project in Cebu, Philippines. If the anticipated finalization of the deal occurs by July this year, the parent company stated that the development and construction of the resort project will move forward, with the goal of opening in 2026.
