Okada Manila posts US$399.6m in revenue for FY21
26 Capital Acquisition Corp has shared financial results for the fiscal year 2021.
The Philippines.- Okada Manila’s total revenue for the fiscal year 2021 was US$399.6m, up 24 per cent when compared to 2020. The result exceeded its revenue and adjusted EBITDA guidance disclosed in October when Okada signed a US$2.6bn merger agreement with 26 Capital Acquisition Corp to go public in the US.
Adjusted segment EBITDA was 122 per cent higher than previous predictions, reaching US$46.6m, primarily due to a strong fourth-quarter performance in the gaming business and significant cost reductions implemented by management.
Non-gaming revenue increased by more than 30 per cent from 2020 to 2021, indicating a strong rebound in demand for the property’s many non-gaming offerings, including retail avenues, luxury spas, dining options and Manila Bay Beach Club.
According to 26 Capital, the integrated resort welcomed over 761,000 visitors in Q4, compared to 304,250 in the third quarter, and revenue increased 74 per cent, from US$85m in the third quarter to US$148m.
The company said: “It’s anticipated that Okada Manila’s strong market position will be aided by the absence of additional competition in Entertainment City in the foreseeable future due to the scarcity of land available for development.”
Jason Ader, chairman and chief executive officer of 26 Capital Acquisition Corp added: “This impressive performance validates what I saw in Okada Manila when searching for a target for 26 Capital. I expect that this positive momentum will continue throughout 2022, and Okada Manila will maintain its position as the market share leader in Entertainment City.”
In December, Okada Manila International, the holding company behind Okada Manila, announced a change of name to UE Resorts International Inc. According to the company, the change was to reflect a more international scope as it plans to expand in Asia and other parts of the world.
