Okada Manila nearly doubles GGR in 1Q23
Okada Manila, owned by Universal Entertainment subsidiary Tiger Resorts Leisure and Entertainment Inc (TRLEI), saw a year-on-year increase of 92% in gross gaming revenue (GGR) in the first quarter of 2023, amounting to PHP11.57 billion ($209.01 million), and a 10% increase quarter-to-quarter. VIP play led the revenue, followed by gaming machines and mass gaming tables. Overall revenue for TRLEI during the quarter was PHP12.6 billion ($227.77 million), up 97% yearly, with adjusted segment EBITDA at PHP3.32 billion ($60.09 million), up 188% yearly and 18% quarterly. Okada Manila welcomed more than double the visitors seen in the same period in 2022, but hotel occupancy rates only rose by 1.2% year-on-year to 83.7%. The yearly comparisons were affected by “various operating constraints” due to COVID, which were in place until March 1st, 2022.