Okada Manila GGR down 41% in Q1
Okada Manila has reported weak performance marked by the Covid-19 pandemic and resulting government countermeasures.
The Philippines.- Okada Manila has reported a 41 per cent annual decline in gross gaming revnues for the first quarter.
GGR came in at PHP5.10bn (US$1.05bn), down from PHP8.64bn in the first three months of 2020. Adjusted segment EBIDTA fell by 35 per cent to PHP692m.
Okada Manila attributed its weak performance to the suspension of business owing to Covid-19 countermeasures.
The company reported that VIP table games GGR fell by 49 per cent year-on-year while mass table games revenue was down 49.3 per cent at PHP861m. Gaming machines revenues dropped by 19 per cent to PHP1.9bn.
The casino operator suspended operations in 2020 and later reopened but at 30 per cent capacity. Now, Okada Manila is closed “in solidarity” with efforts to curb the rise in Covid-19 cases.
