Tiger Resort Leisure and Entertainment Inc (TRLEI), the operating entity of Philippines integrated resort Okada Manila, has reported gross gaming revenue of Php8.78 billion (US$154.1 million) for the three months to 31 March 2024, down 24.1% year-on-year primarily on a decline in revenue from the VIP gaming segment.
According to the company’s quarterly accounts, VIP table games revenue fell by 42.6% versus 1Q23 to Php2.59 billion (US$45.5 million). This compared with a smaller 6.3% decline in mass table revenue to Php2.96 billion (US$52.0 million) and a 17.2% decline in slot machine revenue to Php3.23 billion (US$56.7 million).
The decline was despite the total number of property visitors remaining relatively steady year-on-year at 1,455,872, down from 1,461,196 a year earlier. TRLEI noted that its VIP win rate was down from 3.4% in 1Q23 to 2.8%, while its live mass table games win rate was up from 26.3% to 27.9%. However, online mass table games via Okada Manila’s remote gaming platform saw a significant drop in both volume and revenue.
TRLEI reported total revenue of Php9.75 billion (US$171.2 million) for the quarter, down 22.7%, and Adjusted EBITDA of Php2.33 billion (US$40.9 million), down 29.9%.
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