TRLEI posts gross gaming revenue of US$217.7m for Q3

TRLEI’s gross gaming revenue was up 29.7 per cent year-on-year.

The Philippines.- Universal Entertainment Corp has shared financial results from Tiger Resort, Leisure and Entertainment (TRLEI) for Q3. The casino operator reported that gross gaming revenue (GGR) was up 9.4 per cent quarter-on-quarter from PHP11.29bn (US$207.7m) to PHP12.35bn (US$217.7m). The figure was up 29.7 per cent in year-on-year terms.

VIP table game revenue made up the largest component at PHP4.42bn (US$77.95m). Mass table revenue was PHP4.1bn (US$72.29m) and gaming machine revenue PHP3.82bn (US$67.36m). Adjusted segment earnings before interest, taxation, depreciation, and amortisation (EBITDA) increased by 45.6 per cent year-on-year to PHP3.56bn (US$62.7m). This was down 16 per cent quarter-on-quarter.

Other revenue from hotel operations, food and drink services, retail and entertainment, experienced a year-on-year increase of 19.7 per cent to PHP912m. In the first nine months of 2023, GGR increased 47.7 per cent to PHP35.2bn (US$620m), while Adjusted Property EBITDA increased 72.0 per cent to PHP9.95bn (US$175m).

For full-year 2022, the casino operator reported GGR of PHP34.34bn (US$630.21m) from Okada Manila. The figure was up 81.5 per cent when compared to the previous year. 

A Delaware judge ruled that Okada Manila was not obligated to proceed with its SPAC merger arrangement with 26 Capital Acquisition Corp. The agreement announced in October 2021 was intended to allow Universal to combine with its Philippine subsidiary Tiger Resorts Asia and list Okada on the Nasdaq. However, Universal Entertainment called off the agreement, accusing 26 Capital of disregarding SEC laws and misleading investors.