Okada Manila posts GGR of US$115.7m for Q1

The first-quarter results came after two consecutive quarters of consecutive GGR growth.
The first-quarter results came after two consecutive quarters of consecutive GGR growth.

Okada Manila’s gross gaming revenue was down 14.1 per cent sequentially in the first quarter of the year.

Japan.- The gaming company Universal Entertainment Corp has published its financial results for the first quarter of the year. It’s reported that Okada Manila’s gross gambling revenue declined 14.1 per cent quarter-on-quarter to PHP6.02bn (US$115.7m).

The first-quarter results came after two consecutive quarters of consecutive GGR growth for the property. For the three months ended March 31, GGR from VIP table games was PHP2.54bn, down 32.6 per cent month-on-month. Mass table gaming revenue was PHP1.53bn, compared to PHP1.34bn in the previous quarter, while gaming revenue was about PHP1.95bn, up 2.6 per cent sequentially.

Okada Manila also reported PHP356m in other revenue, including hotel and retail revenue. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was slightly over PHP1.15bn, down 16.1 per cent from the fourth quarter of 2021 but up 66.3 per cent year-on-year.

Okada Manila’s full-year GGR for 2021 was PHP18.92bn, up 23.4 per cent when compared to the previous year but still down against pre-Covid-19 numbers.

Last October, Okada Manila signed a US$2.6bn merger agreement with 26 Capital Acquisition Corp that let the company go public in the United States. It is expected the merger will provide the casino operator with US$275m in cash proceeds that will be used for growth and other corporate purposes.

Okada Manila’s new gaming space offers 200 slot machines

The Perlas Club, Okada Manilas’ new gaming space for top-tier members opened in March. It offers 200 slot machines, as well as six gaming tables for baccarat, roulette, and blackjack.

The new gaming space is exclusive for Okada Manila’s Maharlika members. Maharlika is the top level of the casino resort’s five-tier casino loyalty programme, the Rewards Circle. It has an area of 2,600 square meters (27,986 sq feet) and is located at the complex’s Pearl Wing.

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