The operating entity of Philippines integrated resort Okada Manila has reported gross gaming revenues of Php9.32 billion (US$167 million) in the three months to 31 December 2023, down by 11.2% year-on-year and by 24.8% sequentially.
Adjusted segment EBITDA was also down 19.3% year-on-year to Php2.28 billion (US$40.9 million).
While Tiger Resort Leisure and Entertainment Inc (TRLEI) didn’t explain the reasons for the decline in gaming revenues, Inside Asian Gaming reported in November on major technical issues impacting Okada Manila’s IT systems which saw a majority of slot machines temporarily switched off and various other systems across the property impacted.
In releasing its financial results for FY23 and the December 2023 quarter, TRLEI noted that all gaming segments suffered declines in Q4, with VIP table games GGR down 3.4% year-on-year to Php3.48 billion (US$62.4 million), mass table GGR down 18.8% to Php2.53 billion (US$45.4 million) and gaming machine GGR down 12.4% to Php3.31 billion (US$59.4 million).
However, FY23 GGR grew by 29.7% year-on-year to Php44.5 billion (US$798 million).
Non-gaming revenues remained largely flat in 4Q23 at Php1.03 billion (US$18.5 million), taking FY23 non-gaming revenues to Php3.90 billion (US$69.9 million).
TRLEI said Okada Manila welcomed a total of 1.6 million visitors in the December quarter and almost 6 million for the year, up from around 4.35 million in 2022.
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