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HomeNewsPhilippinesOkada Manila sees strong drops in VIP and online GGR, driving down 1Q24 results

Okada Manila sees strong drops in VIP and online GGR, driving down 1Q24 results

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Gaming revenue at Okada Manila fell by nearly a quarter in the first three months of the year, as gross gaming revenue from the VIP segment tumbled 42.61 percent year-on-year.

According to the most recent results published by Okada Manila operator Tiger Resort, Leisure & Entertainment Inc (TRLEI), first quarter GGR came in at PHP8.77 billion ($153.84 million), down from PHP11.57 billion ($202.96 million) in 1Q23.

GGR from VIP table games was just PHP2.58 billion ($45.26 million), just 15 percent of the total VIP revenue for 2023 and a sharp drop from the PHP4.5 billion ($79 million) seen in 1Q23.

This comes as the rolling chip volume dropped by nearly 30 percent yearly and the win rate fell from 3.4 percent in 1Q23 to 2.8 percent in 1Q24.

Meanwhile, gaming machines proved to be the group’s top GGR performer during the first three months of the year, topping out at PHP3.23 billion ($56.66 million) – still a yearly fall of some 17 percent.

This comes as the gaming machine handle fell by 15 percent yearly but the win rate remained nearly flat, at 6 percent.

Mass market table games slowed also, with PHP2.96 billion ($51.93 million) in GGR for the quarter, a drop of 6 percent yearly.

Mass online table volume fell significantly during the first quarter of 2024, to PHP2.21 billion ($38.77 million), a 68.5 percent yearly fall.

Okada Manila was granted access in 2021 by PAGCOR, the nation’s gaming regulator, to set up online gaming, soft launching the product in April 2022.

In-person mass tables saw PHP10.29 billion ($180.52 million) in volume, down just 8.8 percent year-on-year.

Overall, the property saw slightly less visitation during the first quarter, with 1.45 million visitors and its hotel occupancy rate stayed strong, down just 0.5 percentage point to 83.2 percent, while the average room rates were basically flat, at PHP9,951 ($174).

This drove non-gaming revenue to decline just 6.4 percent compared to 1Q23, at PHP971 million ($17.04 million).

Overall, total revenue was down 22.7 percent, to PHP9.75 billion ($171.06 million), while adjusted segment EBITDA dropped by nearly 30 percent, to PHP2.33 billion ($40.88 million).

Okada Manila operator TRLEI operates under Universal Entertainment Corp.

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a broadcast, print journalist and editor based in Asia for over 15 years. Focused on content creation, management, cross-cultural exchange and interviews for multi-lingual productions. Writing focus on gaming, business, politics, culture and heritage, events and celebrities, subcultures, music, film, art and fashion. Some of Kelsey's specialties are: editing, writing, copy creation, multi-lingual content production, cross-cultural exchange, content creation and management for Asian markets.

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