Okada Manila Casino 2019 revenue surprises

Okada Manila Casino GGR was up by 29.6% in September.

Philippines.- Okada Manila promoter is thrilled with how the casino resort is performing this year. Such GGR was just under €55,6 million, compared to almost €42,9 million in 2018, according to preliminary data.

This latest improvement follows a string of boosts this year; as a result the gambling venue was able to record a 46.2% year-on-year GGR increase January through September. While it earned €336,8 million in 2018, it has seen €492 million in 2019.

Across the first nine months of this year, Okada Manila saw 25.7% more visitors – 4.33 million – than what it saw during the same period last year. The total number of visitors in September increased 22.9% to nearly half a million – or 494,000 – compared to about 402,000 in the prior-year period.

The VIP rolling chip volume increased 33.5% to just under €7,094 billion from January to September – €5,315 billion in 2018. Also, in September, VIP GGR on table games jumped 19.7% to €26,07 million. But the biggest improvement in percentage terms was in mass-market table games GGR, which rose 48.9% to €15,3 million; and followed by a 32.8% gain for gaming machines as it reached €15,96 million.

The resort’s September adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) amounted to €9,7 million, compared to €2,9 million in September 2018. Across the first nine months of the year, that figure was €79,2 million, six times more than in 2018 – €13 million.

The average daily room rate at the resort rose in September – 5.1%, while the hotel average occupancy rate increased 0.8%.

Okada’s performance was better than Union Gaming (UG) had expected. According to UG analyst John DeCree, September’s results were “slightly above” the company’s estimates.