Philippines integrated resort Okada Manila saw its gross gaming revenues decline by 33.4% year-on-year and by 27.2% sequentially to Php8.23 billion (US$142 million) in the three months to 30 September 2024, suffering significant declines in both the VIP table games and mass table games segments.
Total revenue fell by 30.9% year-on-year to Php9.16 billion (US$158 million).
According to information released Tuesday, VIP table games revenue declined by 44.3% year-on-year to Php2.47 billion (US$42.7 million) and mass table games by 40.2% to Php2.46 billion (US$42.6 million) in the September quarter. Slot machine revenue fell by 13.4% to Php3.31 billion (US$57.3 million).
Adjusted Segment EBITDA of Php1.10 billion (US$19.0 million) was also down 69.2% year-on-year and 49.0% sequentially.
Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) didn’t provide any reasons for the decline, with both hotel occupancy and total visitation shaping up well compared with the same period in 2023.
Hotel occupancy of 87.0% in 3Q24 was higher than the 81.4% occupancy a year earlier while visitation was down by just 5.4% to 1,418,190.
For the first nine months of 2024 combined, GGR is down by 26.6% year-on-year to Php25.8 billion (US$446 million) and Adjusted Segment EBITDA by 44.0% to Php5.57 billion (US$96.4 million).
Although it is unclear what has led to such significant declines in 2024, Okada Manila suffered late last year a major IT outage that saw all slot machines temporarily switched off and many systems across the integrated resort impacted for some time. The company described the outage at the time as “technical issues” with their “Information Technology Systems”.
