The Kazuo Okada-led board of Okada Manila operator Tiger Resort, Leisure and Entertainment Corp has published its financial results for the three months to 30 June 2022, with gross gaming revenue up 37.7% on the March quarter to Php8.30 billion and Adjusted Property EBITDA rising 89.0% to Php2.18 billion.
The results formed part of broader announcement in which the Kazuo Okada-led board, which forcibly took control of Okada Manila in May, rejected recent comments by its Japanese parent firm Universal Entertainment Corp (UEC) claiming it no longer has access to TRLEI’s financials.
On the same day that the UEC-backed board of TRLEI held a press conference of its own to denounce Kazuo Okada’s occupation of the integrated resort, Mr Okada’s representatives accused UEC of making “material misstatements and false statements with respect to material facts concerning the operation, business, or assets of UEC (and its subsidiaries) that may significantly affect investors’ investment decisions.”
In particular, the Kazuo Okada-led board said it recognizes the fact that TRLEI remains a significant subsidiary of UEC, that it continues to conduct accounting treatment “in accordance with generally accepted accounting standards” and that it has established a structure that enables the immediate provision of financial information at the request of UEC.
However, it rejected claims that UEC has ever requested financial information, adding, “We suspect that UEC will not request any information provided by requesting TRLEI’s current management to disclose financial information in order to avoid being considered to have acknowledged the ‘validity’ of TRLEI’s current management.”
TRLEI’s results show that Okada Manila increased the number of mass market gaming tables operational from 114 in 1Q22 to 169 in 2Q22, and the number of VIP tables from 73 to 102. The number of visitors throughout the quarter grew from 707,459 in Q1 to 1,048,702 in Q2.
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