CLAIMS TO FAME
- Former Deutsche Bank and Union Gaming investment banker
The Philippine casino market has been challenging in 2024, with operators universally feel-ing the pinch from a decline in the VIP market and the ongoing absence of Chinese visita-tion.
The impact has been felt particularly hard by Okada Manila, which suffered the lingering effects of a major IT outage late last year. As was reported by IAG at the time, the outage – described by Okada as “technical issues” with its “Information Technology Systems” – saw all slot machines temporarily turned off and various systems around the property forced offline, some for many weeks afterwards.
Not surprisingly, GGR for the quarter plummeted by 25% and the ensuing quarters haven’t been a whole lot better, although long-term growth prospects remain strong.
Still, it’s just the latest of many setbacks to have engulfed the Entertainment City IR in recent times following the infamous occupation of the property by a faction representing ousted founder Kazuo Okada in 2022, and the collapsed merger with US-based Special Purpose Acquisition Company (SPAC) 26 Capital that was supposed to result in a listing on the NASDAQ. The company has more recently hinted at a listing closer to home on the Philip-pine Stock Exchange.
Also failing to materialize was a planned acquisition of the entities developing the stalled Emerald Bay IR project in Cebu, with Okada Manila operator Tiger Resort, Leisure and Enter-tainment Corp Inc pulling the plug on the deal. And in addition to all that, Okada has to con-tend with a challenge to its traditional No 2 in the Philippines spot by a reinvigorated New-port World Resorts.
The company’s President, Byron Yip, will no doubt be hoping for a much smoother ride in 2025.
For the full list of 2024 Asian Gaming Power 50 winners, click here.