Universal Entertainment’s Philippines subsidiary, Tiger Resort Leisure and Entertainment Inc, fell to an Adjusted EBITDA loss of Php204 million (US$4.1 million) in the three months to 30 June 2021, impacted by limited casino operations at Okada Manila.
According to Universal’s 2Q21 and 1H21 financial statements, published Thursday, gross gaming revenue at Okada Manila declined 49.0% sequentially, from Php 5.12 billion (US$101.7 million) in the March quarter to just Php2.61 billion (US$51.9 million).
The decline reflected the suspension of casino operations at Okada Manila through April and part of May, with capacity limited to 30% during the second half of the quarter.
Slots felt the brunt of the pain, with GGR falling 69.6% sequentially to Php578 million (US$11.5 million). Mass table games GGR also declined by 52.2% to Php526 million (US$10.4 million) while VIP GGR fell 28.8% to Php1.51 billion (US$30.0 million).
The number of visitors fell from 572,451 in Q1 to 208,024.
Despite the decline, Okada Manila managed to record a narrowed operating loss of JPY2.02 billion (US$18.4 million) for the first half of 2021 compared with a loss of JPY5.27 billion (US$48.0 million) over the same period last year, which included the suspension of casino operations for the entire second quarter.
Universal reported a group-wide consolidated loss attributable to owners of the parent of JPY16.93 billion (US$154.2 million) for the six months to 30 June 2021, impacted by declines across all business segments.
The company’s pachinko and pachislot machine business recorded a 71.4% year-on-year decline in sales with an operating loss of JPY2.32 billion (US$21.1 million).
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