Tiger Resort, Leisure & Entertainment Inc (TRLEI), the subsidiary of Japan’s Universal Entertainment Corp that operates Philippines integrated resort Okada Manila, has reported gross gaming revenue of Php4.17 billion (US$82.3 million) in the three months to 30 September 2021, significantly improved over the company’s quarterly average of Php2.21 billion (US$43.6 million) between April and December 2020.
The improvement came despite Okada Manila being closed for almost two months out of the quarter, from early August onwards, due to a strict COVID-19 lockdown across the National Capital Region.
According to details published by Universal on Friday, the September quarter saw VIP table game GGR grow 64.1% versus the comparable 2020 average to Php2.22 billion (US$43.8 million), with mass gaming up 191% to Php848 million (US$16.7 million) and EGMs by 94.2% to Php1.10 billion (US$21.7 million).
Okada Manila had also been heavily impacted by COVID-19 throughout 2020 and was closed for the entire June quarter.
Total revenue in 3Q21 reached Php4.26 billion (US$84.1 million), with Adjusted Segment EBITDA of Php443 million (US$8.7 million) reversing an average quarterly EBITDA loss of Php777 million (US$15.3 million) from April to December 2020.
The results were also significantly better than in Q2, when TRLEI recorded GGR of Php2.61 billion (US$51.9 million) and an Adjusted EBITDA loss of Php204 million (US$4.1 million).
For the first nine months of 2021 combined, TRLEI has printed GGR of Php11.90 billion (US$234.8 million), total revenue of Php12.24 billion (US$241.5 million) and Adjusted Segment EBITDA of Php932 million (US$18.4 million).
The improved results come just days after the Philippines government announced that Manila’s casinos would be allowed to reopen at 30% capacity from Saturday 16 October. A number of approved hotels have also been granted permission to welcome back staycation guests, including Okada Manila Hotel.