Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) says it has not yet determined when it will release its financial results for the September 2022 quarter after reclaiming control of the property earlier this month, with the returned board still in the process of verifying the numbers.
But it did reveal on Monday that Q2 figures previously announced by the Kazuo Okada-led board – which forcibly took control of Okada Manila on 31 May before being ordered out again on 2 September – have now been verified.
As previously reported by Inside Asian Gaming, Okada Manila recorded gross gaming revenue of Php8.30 billion (US$142.6 million) and Adjusted EBITDA of Php2.18 billion (US$37.5 million) in the three months to 30 June 2022, up 37.7% and 89.0% respectively on Q1.
This also represented a 233% year-on-year GGR increase, while the EBITDA result reversed a Php204 million (US$3.5 million) EBITDA loss in 2Q21.
For the first six months of 2022 combined, Okada Manila generated GGR of Php14.3 billion (US$245.7 million) – up 85% over the same period last year – and Adjusted EBITDA of Php3.33 billion (US$57.2 million), up 333%.
TRLEI said the results indicate that revenue is still in the process of recovering from the COVID-19 pandemic but that Adjusted EBITDA had improved “due in part to cost reductions.”
The current Universal Entertainment Group-backed board of TRLEI had previously accused the Kazuo Okada group of failing to provide it with financial updates and of stealing funds directly from the casino cage at Okada Manila.
It eventually regained control in early September, three months after Mr Okada’s occupation, following an order from Philippines gaming regulator PAGCOR.
Mr Okada is currently facing charges of grave coercion after he was arrested upon flying into Manila earlier this month. He entered a plea of not guilty at his arraignment last week.
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