Okada 1H23 total revenues up 62% versus same time last year
The integrate resort, owned by Universal Entertainment, made its rebound from strong performance of its casinos; hospitality business and and other non-gaming operations also saw strong surge in growth
Original story by Business Mirror
Tiger Resort Leisure and Entertainment Inc. (TRLEI), the operator of integrated casino hotel Okada Manila, reported strong financial performance for the first half of 2023.
In the first six months of the year, TRLEI recorded a 62-percent surge in total revenues to P24.82 billion from P15.36 billion in the same period last year.
This was mainly driven by the strong performance of its casino business, with gross gaming revenues reaching P22.86 billion, an impressive 60-percent rise from P14.32 billion the year prior.
In the same comparative periods, VIP wins stood at P8.94 billion, a 54-percent growth from P5.79 billion. Mass table games win rose by a faster 58 percent to P5.89 billion from P3.72 million, while gaming machines win grew by 60 percent to P7.70 billion from P4.81 billion.
Non-gaming revenues — comprising hotel operations, food and beverage, retail, and entertainment services and other ancillary services — also soared by 89 percent to P1.95 billion from P1.04 billion.
“We continuously see a strong rebound in demand for gaming, leisure, and entertainment. We are confident that the market will continue to recover throughout the year and we anticipate a healthy top line by the end of 2023,” TRLEI President Byron Yip said.
Since February 2022, Okada Manila has been operating at full capacity, reopening the integrated casino resort to the public after two years of partial operations due to the pandemic.
With the strong growth in revenues, Okada Manila has helped in driving the revenues of the Philippine Amusement and Gaming Corp. in the first two quarters of 2023.
“We are eager to sustain the growth momentum for the rest of the year, as we continue to strengthen Okada Manila’s operations. We are one with the government in helping the industry recover and expand faster in the coming years,” Yip said.
Philippine casino giants, including from the public sector, recently faced a slowdown this quarter.
According to the Philippine Amusement and Gaming Corporation (PAGCOR), Entertainment City casinos – comprising City of Dreams Manila, Newport World Resorts, Okada Manila and Solaire – saw their 2Q GGR decline by 4.3% to Php43.47 billion (US$771 million) while Clark casinos fell by 5.1% to Php7.86 billion (US$139 million). Fiesta was down by 11.3% to Php374.0 million (US$6.6 million).
This year, Okada’s parent company, Universal Entertainment, made several headlines as it went through a dispute with a US-based special purpose acquisition company (SPAC) 26 Capital.
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