Philippines integrated resort Okada Manila has reported gross gaming revenues of Php12.4 billion (US$218 million) for the three months to 30 September 2023, up 29.7% year-on-year and 9.3% higher than the June quarter, according to information from parent Universal Entertainment.
While all segments enjoyed year-on-year increases, the biggest gains were in the mass market where mass tables games enjoyed a 64.6% year-on-year improvement in GGR to Php4.11 billion (US$72.4 million) and gaming machines a 24.6% improvement to Php3.82 billion (US$67.3 million). VIP table games grew by 11.7% to Php4.42 billion (US$77.9 million).
Adjusted Property EBITDA for the period grew by 45.6% year-on-year and 15.8% quarter-on-quarter to Php3.56 billion (US$62.7 million).
TRLEI said Okada Manila welcomed 1,498,487 visitors in 3Q23 compared with 1,109,791 a year earlier.
For the first nine months of 2023 combined, GGR is up 47.7% year-on-year to Php35.2 billion (US$620 million) while Adjusted Property EBITDA is up 72.0% to Php9.95 billion (US$175 million).
The improved Q3 result comes after a US judge ruled last month that the operating entities of Okada Manila would not be required to complete a previously planned SPAC merger with US-based Special Purpose Acquisition Company (SPAC) 26 Capital – a merger that would have seen the integrated resort listed on the NASDAQ.
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