Okada Manila Sees Strong Earnings Momentum As Casino Operator Prepares For U.S. Listing

March 2, 2022 Philippines Earnings & Filings

which is preparing to list on Nasdaq through a SPAC as soon as this month—expects a strong earnings recovery as the Philippines reopens its borders to international visitors.

The casino resort said in January that total revenue increased 24% to $399.6 million in 2021 from the previous year, bolstered by strong gaming revenues particularly in the fourth quarter as well as contributions from its retail, entertainment and dining outlets. Okada Manila’s Tokyo-listed parent Universal Entertainment said last month the Philippine property narrowed its operating loss to 1.87 billion yen ($16.3 million) last year from a loss 9 billion yen in 2020.

While uncertainties prevail with the lingering impact of the Covid-19 pandemic, Okada Manila is optimistic business will pick up, driven by pent-up travel demand. “We are excited and optimistic about the recent reopening of the Philippines to international tourists,” Byron Yip, president of Okada Manila, told Forbes Asia by email on Friday. “We look forward to welcoming new and existing international customers to our property. We are well prepared to meet the influx of tourists as we expect to fully complete construction by the end of the first quarter of 2022, bringing our total hotel room inventory close to 1,000 rooms.”