Tiger Resort Leisure and Entertainment, Inc
POWER SCORE: 574
POSITION LAST YEAR: ONES TO WATCH
CLAIMS TO FAME
- Former Deutsche Bank and Union Gaming investment banker
JUST A FEW DAYS before the 2020 Asian Gaming Power 50 Gala Dinner took place in Macau, Tiger Resort Leisure and Entertainment, the operating entity of Okada Manila and subsidiary of Japan’s Universal Entertainment Corp, announced the promotion of Chief Operating Officer Byron Yip to the role of President.
Among other honors that supported the appointment, the corporate release highlighted the rapid growth of Okada Manila prior to the COVID-19 pandemic under his direction. Expectations about Yip – a former investment banker with Deutsche Bank – were perfectly summarized in the words of Hajime Tokuda, Universal Entertainment Corp’s Director-in-Charge for Overseas Business.
“As the whole world continues to struggle through these trying times, we are confident that, with Byron’s exemplary leadership, Okada Manila will soon resume being a preferred destination and world-class integrated resort.”
But for the time being, COVID-19 has been especially cruel to Okada Manila, forced to shut its doors for most of the second quarter of this year. It resulted in a 49% sequential decline in gross gaming revenue to Php2.61 billion (US$51.9 million) in 2Q21, down from Php5.12 billion (US$101.7 million) in the March quarter.
The decline reflected the suspension of casino operations at Okada Manila through April and part of May, with capacity limited to 30% during the second half of the quarter.
Notwithstanding the circumstances, Yip managed to reduce the 1H21 operating loss to JPY2.02 billion (US$18.4 million), compared with a loss of JPY5.27 billion (US$48.0 million) over the same period last year, which included the suspension of casino operations for the entire second quarter. His simple hope heading into 2022 will be to keep Okada Manila’s doors open.
For the full list of 2021 Asian Gaming Power 50 winners, click here.