GGRAsia – Okada Manila 2Q GGR Halved Sequentially Amid Restrictions

Okada Manila 2Q GGR halved sequentially amid restrictions

Japanese gaming conglomerate Universal Entertainment Corp said gross gaming revenue (GGR) at the group’s Okada Manila casino complex in the Philippine capital fell 49.0% quarter-on-quarter, to just above PHP 2.61 billion ($ 52.1 million) in the second quarter.

Tiger Resort, Leisure and Entertainment Inc, a subsidiary of Universal Entertainment, operates the Okada Manila casino complex (pictured). The company did not release GGR figures for the second quarter of 2020 as the property had been affected by restrictions related to measures to stem the spread of Covid-19.

Manila casinos had to temporarily suspend operations in mid-March last year. They then reopened but were limited to a maximum of 30% of their capacity.

In Wednesday’s filing, Universal Entertainment said the GGR for VIP table games was PHP 1.51 billion in the three months to June 30, down 35.2% sequentially.

Mass table gaming revenue fell 38.9% quarter-on-quarter to PHP 526 million while gaming machine revenue fell 69.6% to PHP 578 million.

Okada Manila’s overall second-quarter revenue was nearly PHP 2.69 billion, down 49.1% from the first three months of 2021.

The complex’s adjusted segment profit before interest, taxes, depreciation and amortization (EBITDA) was negative at PHP 204 million, compared to a positive figure of PHP 692 million in the first quarter of 2021.

Casinos in Metro Manila are “currently licensed to operate in limited capacityThe country’s gaming regulator, the Philippine Amusement and Gaming Corp, said at the end of May, in response to a request from GGRAsia.

Metro Manila remains under a so-called general community quarantine, with “certain restrictions”, until at least July 15. The quarantine area includes the Entertainment City area of ​​Manila resorts.

In June, Universal Entertainment said so would publish up to US $ 143 million in additional notes, bearing interest at 8.5% and maturing in December 2024. The proceeds will be used for the prepayment of US $ 118 million in principal of the group’s existing notes due in December of this year.

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