Okada Manila reports 29.7% year-on-year gain on their GGR

In the third quarter of 2023, Okada Manila, an integrated resort in the Philippines, reported gross gaming revenues (GGR) of Php12.4 billion ($218 million), a 29.7% year-on-year gain and a 9.3% increase over the previous quarter. The mass market had notable improvements, especially in mass table games (64.6% year-over-year improvement) and gaming machines (24.6% year-over-year improvement). All sectors saw year-over-year growth. Also increasing by 11.7% were VIP table games.

To reach Php3.56 billion (US$62.7 million), the adjusted Property EBITDA for the period climbed by 15.8% from quarter to quarter and by 45.6% from year to year.

1,498,487 guests checked into Okada Manila during the third quarter of 2023, up from 1,109,791 during the same time in the previous year. The combined GGR and Adjusted Property EBITDA for the first nine months of 2023 climbed by 47.7% and 72.0%, respectively, to Php35.2 billion (US$620 million) and Php9.95 billion (US$175 million), respectively.

This successful performance follows a decision made by a U.S. judge last month that Okada Manila’s operating entities would not be required to complete an earlier planned SPAC merger with an American Special Purpose Acquisition Company (SPAC) 26 Capital, which would have listed the integrated resort on the NASDAQ.

Original story by: IAG