Philippines integrated resort Okada Manila has reported gross gaming revenues of Php9.52 billion (US$171 million) in the three months to 30 September 2022, representing a 141% year-on-year increase and 14.7% higher than Q2.
According to information published by Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) on Friday, the continuation of the post-COVID recovery was led by the mass market segment with mass gaming table revenue up 178% year-on-year to Php2.49 billion (US$45 million) and gaming machine revenue by 179% to Php3.07 billion (US$55 million).
VIP gaming enjoyed a 78.2% increase to Php3.96 billion (US$71 million), while non-gaming climbed from just Php93 million (US$1.7 million) a year earlier to Php762 million (US$14 million) in 3Q22.
The improved numbers also saw a significant boost to profitability with Adjusted Segment EBITDA soaring by 451% year-on-year to Php2.44 billion (US$44 million).
The September quarter included a 265% increase in visitation to just over 1.1 million with the hotel occupancy rate of 75.9% also higher than the 68.6% rate a year earlier.
For the first nine months of 2022 combined, GGR has more than doubled year-on-year to Php23.8 billion.
Publication of Okada Manila’s Q3 results had been delayed while TRLEI verified its figures following the recent three-month occupation of the property by representatives of deposed company founder Kazuo Okada.
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