TRLEI GGR down 33.4% in Q3
Gross gaming revenue for the third quarter of the year was PHP8.23bn (US$140.0m).
The Philippines.- Universal Entertainment Corp has shared the financial results of Tiger Resort, Leisure and Entertainment (TRLEI) for the third quarter of the year. The casino operator posted gross gaming revenue (GGR) of PHP8.23bn (US$140.0m), down 33.4 per cent in year-on-year terms and 27.2 per cent from the second quarter of the year.
VIP table game revenue was PHP2.46bn (US$42.7m), down 44.3 per cent year-on-year and down 15.1 per cent sequentially. Revenue from mass-market tables was PHP2.45bn (US$42.6m), down 40.5 per cent year-on-year year and 17.3 per cent quarter-on-quarter. Gaming machine revenue was PHP3.30bn (US$57.3m), down 13.4 per cent year-on-year but up 11.5 per cent sequentially.
Non-gaming revenue in the third quarter was up by 2.3 per cent year-on-year but down 7.1 per cent sequentially at PHP933m (US$16.09m). Total revenue was down 30.9 per cent in year-on-year terms to PHP9.16bn (US$158m). Adjusted segment earnings before interest, taxation, depreciation, and amortisation (EBITDA) declined by 69.2 per cent year-on-year and 49 per cent quarter-on-quarter to PHP1.10bn (US$19m).
Okada Manila recorded close to 1.42 million visitors in the third quarter. That was a decrease of about 80,000 when compared to the third quarter of 2023 and down from 1.45 million in the second quarter of 2024. Cumulative, GGR for the first nine months of 2024 was PHP25.8bn (US$446m), down 26.6 per cent year-on-year. Adjusted Segment EBITDA was down 44 per cent year-on-year to PHP5.57bn (US$96.4m).
For full-year 2023, the casino operator reported GGR of PHP44.54bn (US$798m) from Okada Manila. The figure was up 29.7 per cent when compared to the previous year. Non-gaming revenue was up 36.3 per cent year-on-year, to just below PHP3.90bn (US$69.9m).
Universal Entertainment: Tomohiro Okada appointed director
In September, Universal Entertainment announced through a company filing that Tomohiro Okada, the son of founder and former chairman Kazuo Okada, has been appointed as representative director and president. The move was approved at the extraordinary shareholders’ meeting held on September 19.
Okada previously served as the director of Okada Holdings Limited, the parent company of Universal Entertainment. Meanwhile, Hajime Tokuda has been named director and vice president of the group, responsible for corporate planning and foreign business development. He was previously a representative director and president of the company. Takako Okada, a representative director of Universal Entertainment and the mother of Tomohiro Okada, was also designated as a director.
