Tiger Resort, Leisure and Entertainment Inc (TRLEI), the operating entity of Philippines integrated resort Okada Manila, has reported gross gaming revenue of Php11.3 billion (US$208 million) for the three months to 30 June 2023, representing a 36.1% year-on-year increase although slightly lower than the Php11.6 billion (US$213 million) in GGR recorded in Q1.
The 2Q23 result included a 36.4% year-on-year increase in VIP table games GGR to Php4.43 billion (US$81.4 million), while mass tables grew by 40.1% to Php3.07 billion (US$56.4 million) and gaming machines by Php32.7% to Php3.80 billion (US$69.9 million).
Adjusted segment EBITDA grew by 39.9% to Php3.07 billion (US$56.4 million).
For the first six months of 2023 combined, GGR at Okada Manila grew by 59.6% to Php22.9 billion (US$421 million), with VIP table games revenue reaching Php8.94 billion (US$164 million), mass tables Php6.23 billion (US$115 million) and gaming machines Php7.70 billion (US$142 million).
Adjusted segment EBITDA grew by 91.3% to Php6.39 billion (US$117 million).
While Okada Manila has been operating at full capacity since February 2022, it was impacted by an incident in late May 2022 that saw representatives of company founder Kazuo Okada – who was ousted in 2017 – forcibly take control of the property for three months. The board backed by TRLEI parent firm Tiger Resort Asia Ltd (TRAL) eventually reclaimed the property in early September.
TRLEI revealed this week that a Paranaque Regional Trial Court has ordered the arrest of Mr Okada and his associates for siphoning money from Okada Manila during their takeover of the integrated resort last year.
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