Okada Manila posts GGR of US$137m for Q4

Universal Entertainment Corp. has reported Okada Manila’s GGR rose 68.2 per cent when compared to the previous quarter.

Japan.- The gaming company Universal Entertainment Corp has published its financial results for the fourth quarter of the year, reporting Okada Manila’s Gross Gambling Revenue grew 68.2 per cent quarter-on-quarter to PHP7.01bn (US$137m).

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 close in the first half of next year and it will provide the casino operator with US$275m in cash proceeds that will be used for growth and other corporate purposes.

Okada Manila’s full-year GGR was PHP18.92bn, up 23.4 per cent when compared to the previous year. However, the figure was below the number registered prior to the Covid-19 pandemic.

As regards VIP table game GGR between October to December, it was up 69.7 per cent to PHP3.77bn when compared to the previous quarter. Full-year revenue grew from PHP8.27bn to PHP9.62bn.

Mass table games revenue was also up from PHP848m to PHP1.34bn quarter-on-quarter while gaming machine revenue was PHP1.90bn, up 73.2 per cent when compared to Q3.

In 2021, mass table games revenue was PHP3.81bn, up by almost 27.1 per cent when compared to the previous year.

Full-year gaming machine revenue was just above PHP5.48bn, compared to less than PHP4.06bn registered the previous year.

As regards the number of visitors during the fourth quarter of the year, the company has reported it welcomed 761,000 visitors.

Manila casinos continue operating despite new Covid-19 countermeasures

The capital city of Metro Manila is going through a new wave of Covid-19 cases due to the Omicron variant.

Due to this situation, authorities decided to keep the city under Alert Level 3 until at least January 15 and decided to close casinos in Entertainment City.

However, it seems the measure has not affected casino venues as most of them are open but on a limited basis.