Okada Manila reports 11.2% year-on-year decline in GGR

The Okada Manila integrated resort’s operating firm reported gross gaming revenues (GGR) of Php9.32 billion (US$167 million) for the three months that concluded on December 31, 2023.

This is a decline of 24.8% in a row and an 11.2% annual decline. A 19.3% year-over-year decline in adjusted segment EBITDA brought the total to Php2.28 billion (US$40.9 million).

Although Tiger Resort Leisure and Entertainment Inc. (TRLEI) was unable to provide a specific reason for the decline in gaming earnings, Okada Manila was reportedly facing significant IT system problems in November. Many other systems on the property, including the majority of the slot machines, had to be temporarily shut down as a result of these issues.

According to TRLEI’s financial reports for the fourth quarter of 2023 and the fiscal year 2023, all gaming sectors saw decreases in Q4. VIP table games GGR declined by 3.4% year on year to Php3.48 billion (US$62.4 million), mass table GGR down by 18.8% to Php2.53 billion (US$45.4 million), and gaming machine GGR down by 12.4% to Php3.31 billion (US$59.4 million). The FY23 GGR rose by 29.7% year over year to Php44.5 billion (US$798 million) notwithstanding the Q4 problems.

Non-gaming sales reached Php3.90 billion ($69.9 million) in FY23 after remaining mostly stable at Php1.03 billion (US$18.5 million) in Q4 2023. In contrast to 4.35 million in 2022, Okada Manila had 1.6 million visitors in the December quarter and almost 6 million in total.

Original story by: IAG