- Legal States
Silvia Pavlof November 1, 2022 3 min read
TRLEI Will Delay Announcement of Q3 Results for Okada Manila
The operator of the Okada Manila Casino Resort, Tiger Resort, Leisure and Entertainment Inc (TRLEI), is delaying the official announcement of its financial results for the period from July to September 2022 due to the violent takeover of the property by the group led by Japanese billionaire and founder of the resort Kazuo Okada in May.
Okada Takeover Interferes with the Announcement of Third Quarter Results
The board of directors of TRLEI has said that it is still in the process of verifying the numbers for the third quarter of 2022 and it is not sure when they will be ready for an official release.
For the most part throughout the period from July to September, the Okada Manila Casino Resort was under the control of Kazuo Okada and his group and it is still not completely clear what the actual financial numbers are.
Kazuo Okada took over the Okada Manila Casino Resort back in May backed by a Supreme Court status quo ante order (SQAO) and reinstated himself and the group around him as the board of directors. TRLEI legal owner Tiger Resort Asia Limited (TRAL) disputed this in court and in the end the Philippine Amusement and Gaming Corporation (PAGCOR) issued an order to Okada and his group to give over the control of the resort back to its legitimate board.
The reinstated TRLEI board directed harsh criticism towards Kazuo Okada and his group as they withheld important details on company finances from the legitimate executives of the casino’s operator.
Currently, this means that the legitimate TRLEI board has to go over any financial documents that they have not been notified of in order to provide comprehensive and accurate financial results for the company during the third quarter of 2022.
However, so far the TRLEI board has released some verified numbers for the period from April to June 2022, which were previously published by the Okada-led board.
Q22022 Results Show Gradual Recovery from the Pandemic
According to the numbers released by Kazuo Okada and later verified by the TRLEI board, the Okada Manila Casino Resort’s gross gaming revenue (GGR) amounted to PHP 8.30 billion ($142.6 million), which was 37.7% higher than the previous quarter. The Q2 GGR was also 233% higher than the GGR reported in Q22021.
Adjusted EBITDA in Q22022 was PHP 2.18 billion ($37.5 million), which marked an increase of 89% in comparison to the previous quarter. This was a considerable improvement of the EBITDA loss of PHP 204 million ($3.5 million) in Q22021.
There was an improvement in year-on-year results for H12022. The first half of 2022 saw GGR of PHP 14.3 billion ($245.7 million), which was 85% higher than the GGR posted in the first half of 2021.
Adjusted EBITDA of PHP 3.33 billion ($57.2 million) was 333% higher in H12022 when compared to H12021.