Philippines integrated resort Okada Manila saw its gross gaming revenue grow 30% year-on-year to Php3.16 billion (US$61.2 million) and Adjusted segment EBITDA 242% to Php554 million (US$10.7 million) in September.
According to the monthly update by parent company Universal Entertainment Corp, the positive result was felt across all gaming segments although mass market was the star performer, with mass table GGR up 48.9% to Php767 million and slot machine GGR by 32.8% to Php910 million. Mass table drop grew 8% for the month, slower than August’s 15% growth due to a reduction in the number of mass tables available as Okada looks to maximize table efficiency. The property currently has 207 mass tables in operation compared with 232 two months ago.
VIP GGR rose 19.7% year-on-year in September to Php1.48 billion, with bad luck playing its part in the segment. VIP rolling chip actually grew 54% year-on-year, exhibiting a rapid acceleration from the 33% experienced in August and 26% in July.
In a Friday note, Union Gaming’s John DeCree stated, “While we are focused on the mass market ramp at Okada Manila, VIP continues to outperform relative to our expectations, representing near-term upside to the story.”
On the company’s mass performance, DeCree added, “3Q19 set new benchmarks for mass table and slot efficiency for the property with Win Per Day of Php123,681 and Php11,860, respectively.”