Results for Okada Manila showed a significant slowdown on both a yearly and quarterly basis in the third quarter, heavily affecting the group’s EBITDA for the period.
According to results published by operator Tiger Resort, and Leisure and Entertainment (TRLEI) on Tuesday, the yearly comparisons saw the largest drops, with VIP revenue falling by 44.3 percent, to PHP2.46 billion ($42.62 million). This lessened to a 15 percent reduction when compared to the previous quarter.
Mass revenue similarly suffered a hit, dropping by 40.2 percent yearly and 17.2 percent quarterly, to PHP2.45 billion ($42.44 million).
Gaming machine revenue during the third quarter fared slightly better, with a quarterly uptick of 11.5 percent, to PHP3.31 billion ($57.21 million). However, yearly the figure was still down by 13.37 percent.
These contributed to an overall drop in gross gaming revenue (GGR) for TRLEI (a subsidiary of Universal Entertainment) of one-third annually and 6.8 percent quarterly, to PHP8.23 billion ($142.3 million).
EBITDA fell by 69 percent on an annual basis and 49 percent quarterly, strongly impacted by the gaming revenue decrease, to PHP1.09 billion ($18.93 million).
This is despite the hotel occupancy rate rising to 87 percent, up from 78.9 percent in 2Q24 and 81.4 percent in the third quarter of last year.
Figures for the first nine months of the year saw gross gaming revenue fall by 26.6 percent, to PHP25.84 billion ($446.82 million), on the back of strong drops in VIP revenue – which fell by 40.4 percent yearly, to PHP7.95 billion ($137.57 million).
Mass revenue was down by 18.9 percent yearly over the three quarters, hitting nearly PHP8.38 billion ($144.92 million).
Gaming machine revenue was the strongest contributor in both 3Q24 and over the nine-month period. However, from the January through September period it still fell by 17.5 percent annually, to nearly PHP9.51 billion ($164.44 million).
The gaming figures contributed to a 24.5 percent drop in total revenue for the group during the nine-month period, at PHP28.75 billion ($497.3 million).
This also contributed to a fall of 44 percent in EBITDA, amounting to just PHP5.57 billion ($96.39 million) over the three quarters of this year.
