- Legal States
Silvia Pavlof December 5, 2022 3 min read
Okada Manila Reports Impressive Q32022 Results
Following a delay due to the violent takeover of Okada Manila Casino Resort, the resort’s operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) has finally published the financial results for Okada Manila for the third quarter of 2022.
GGR Increased by 141% Year-On-Year
TRLEI reported an astounding boost of 141% in gross gaming revenue (GGR) for the period from July 1 to September 30, 2022, when compared to the same period last year. The GGR for the third quarter totaled PHP 9.52 billion ($171 million).
Revenues from table games and slot machines were the highest contributors. GGR from table games was PHP 2.49 billion ($45 million), which marked a 178% increase compared to the third quarter of 2021.
Slot machines GGR amounted to PHP 3.07 billion ($55 million), which was 179% higher than the revenue brought in by this segment in Q32021.
Other segments were also on the rise although not to the same extent. VIP Gaming, for example, achieved a 78.2% rise in revenue in comparison to the same period last year, totaling PHP 3.96 billion ($71 million).
The non-gaming sector was the biggest winner, proving that the pandemic recovery is more or less completed. When compared to Q3 in 2021, the segment enjoyed an eye-watering boost of 719% from PHP 93 million ($1.7 million) to PHP 762 million ($14 million).
This was the result of a 265% boost in visitors coming to the resort, amounting to more than 1.1 million, and a higher percentage of hotel guests, which increased to 75.9% in Q32022 from 68.6% in Q32021.
All of these numbers contributed to an increased Adjusted EBITDA of PHP 2.44 billion ($44 million), which was a whopping 451% higher than the same period last year.
Universal Entertainment Predicted Losses for Q32022
The great financial results reported for the Okada Manila Casino Resort may somewhat mitigate the losses Universal Entertainment, the owner of the resort’s operator TRLEI, expects to incur for the third quarter finishing on September 30, 2022.
The expected losses will be a result of the violent takeover that was staged by Okada Manila’s founder, Japanese billionaire, Kazuo Okada. Okada and his group held the resort for three months beginning at the end of May and were forced to give it back to its legitimate owners at the beginning of September by an order from the gambling regulator the Philippine Amusement and Gaming Corporation (PAGCOR).
Universal Entertainment has stated that the company expects to report losses of JPY1.6 billion ($11.5 million) resulting from Okada’s actions. These will be comprised of legal expenses and other expenses that Universal Entertainment had while trying to regain control over the resort.
Due to the disruptions in connection with the hostile capture of the venue by the Okada group, Universal Entertainment had to delay the announcement of its Q3 financial results.