Mass market drives Okada Manila recovery in 4Q22 as GGR hits US$193 million

Philippines integrated resort Okada Manila has reported gross gaming revenues of Php10.5 billion (US$193 million) for the three months to 31 December 2022, representing a 54.9% year-on-year increase and 10.3% higher than in the September 2022 quarter.

According to information published by Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) on Friday, the Q4 performance was led by the mass market segment, with mass table games climbing 25.3% quarter-on-quarter to Php3.12 billion (US$57 million) and gaming machine revenue by 23.1% to Php3.78 billion (US$69 million). VIP table games revenue fell by 9.1% to Php3.60 billion (US$66 million).

The improved numbers also saw a significant boost to profitability with Adjusted Segment EBITDA rising by 96.3% year-on-year and by 16.0% sequentially to Php2.83 billion (US$52 million).

The December quarter saw visitation almost double year-on-year to 1,486,963 while hotel occupancy reached 84.2%.

For the full year in 2022, GGR at Okada Manila grew 81.5% to Php34.3 billion (US$629 million) with Adjusted Segment EBITDA up 263% to Php8.61 billion (US$158 million).