Philippines integrated resort Okada Manila has continued its strong recovery trajectory into 2023, with gross gaming revenue reaching Php11.6 billion (US$209 million) for the three months to 31 March, up 97.0% year-on-year and 10.2% higher than the December 2022 quarter.
The impressive Q1 result came on the back of increases across all gaming segments, with mass table game GGR up 106% year-on-year to Php3.16 billion (US$57 million) and gaming machine GGR rising by 100% to Php3.91 billion (US$71 million). VIP table games revenue also grew by 77.5% to Php4.51 billion (US$81 million).
With “other revenue” rising by 178% year-on-year to Php1.04 billion (US$19 million), Okada Manila saw total property revenue just about double compared with the same period in 2022 to Php12.6 billion (US$228 million).
Adjusted EBITDA of Php3.33 billion (US$60 million) was up 189% year-on-year, according to information from Okada Manila operator Tiger Resort, Leisure and Entertainment Inc – aided by almost 1.5 million property visitors during the quarter.
Okada Manila previously reported an 81.5% increase in GGR in 2022 to Php34.3 billion (US$629 million) with Adjusted Segment EBITDA up 263% to Php8.61 billion (US$158 million).
Philippines gaming has been on the rise for some time now, with gaming regulator PAGCOR recently revealing that industry-wide GGR reached six consecutive quarters of consecutive increases.
The upward trend follows the easing of COVID-19 restrictions as of late 2021, with authorities subsequently reopening the nation’s borders to international tourists in February 2022, easing capacity restrictions in March 2022 and dropping all lockdowns in April 2022.
RelatedPosts
