Okada Manila operator Universal Entertainment Corp says that the property recorded a 49.6 percent increase in its gross gaming revenue during the fourth quarter of 2022, totaling PHP10.49 billion ($192.68 million).
The figure represents a 10 percent quarter-to-quarter increase, from the PHP9.51 billion ($170.78 million) registered in the third quarter, the results of which had been delayed due to the calculation of the financial impact of a three-month occupation of the property by representatives of Kazuo Okada.
Mass market play largely drove the increase, with table games revenue up by 132 percent annually and 25 percent quarterly, to PHP3.11 billion ($57.17 million). Gaming machine revenue also rose sharply, by 98 percent yearly and 23 percent sequentially, to PHP3.78 billion ($69.37 million).
VIP play actually fell on a yearly and quarterly basis, to just PHP3.6 billion ($66.1 million) at the property, managed by Universal subsidiary Tiger Resort, Leisure and Entertainment Inc (TRLEI). The figure showed a 4 percent yearly drop and a 9 percent quarterly drop.
The VIP GGR drop also came despite an increase in VIP rolling chip volumes, up 3.66 percent annually.
In total, the group derived some PHP 11.55 billion ($212.09 million) in revenue during the period, receiving 1.48 million visitors in the fourth quarter, up 95.3 percent annually, with the hotel occupancy rate at 84.2 percent, down by 1.7 percentage points yearly.
Adjusted segment EBITDA also saw strong improvements in the quarter, up by 96.3 percent, to PHP2.82 billion ($51.88 million), a 15 percent quarterly increase.
Full year comparisons
Regarding the group’s full-year results, some PHP34.34 billion ($630.21 million) was brought in in GGR, up by 81.5 percent yearly. The majority of this was derived from VIP play, totaling PHP13.34 billion ($244.96 million), up 39.66 percent yearly. The figure was still a 32.8 percent drop compared to 2019.
Gaming machine revenue was the second-largest contributor during the year, at PHP11.65 billion ($213.93 million), up 112.5 percent year-on-year, even outperforming 2019, which registered PHP10.29 billion ($188.93 million) in gaming machine revenue.
Mass market table games also saw a strong yearly recover, at PHP9.33 billion, up 144.7 percent yearly and down by just 3.2 percent compared to pre-COVID levels in 2019.
Overall visitation during the year topped out at 4.35 million, up 135 percent annually but still down 28 percent from 2019.
Average hotel occupancy was just 82.1 percent, down from the 98.1 percent registered in 2019 but a solid increase from the 75.4 percent seen in 2021.
Total revenue during the year reached PHP37.19 billion ($682.68 million), up 88 percent yearly and down 12 percent compared to 2019.
Adjusted segment EBITDA shone in 2022 however, with PHP8.61 billion ($158.03 million) registered, a 263 percent yearly increase and a 25 percent increase compared to 2019.