Tiger Resort Leisure and Entertainment Inc, the Okada Manila casino resort operator, reportedly revealed the resort’s financial result for the first quarter of 2024. According to the operator’s filings made on 15 April, the landmark property in the Philippine capital experienced around 24 percent decline in gross gaming revenue generated in the quarter ending 31 March 2024.
24.1% Revenue Decline:
As reported by GGRAsia, Okada Manila casino resort generated a total of almost PHP8.78 billion (US$154.0 million) over the first quarter of 2024, down from the PHP11.57 billion (US$200.0 million) recorded for the same period of 2023. The overall decline of 24.1% yearly is weighted over the casino’s gaming segments to reportedly record a 5.8 percent sequential decline.
VIP Segment Dragging Figures Down:
It means that all gaming operations offered by the flagship resort experienced a decline. According to GGRAsia, the VIP segment‘s revenue, having been 42.6% lower than in the first quarter of 2023, represented the major reason for the overall weakness. As reported, the VIP segment generated PHP2.59 billion (US$45.0 million) in gross gaming revenues reportedly showing a 25.7% lower figure than the preceding quarter.
Overall Revenue Decline:
Other operations seem to have followed the overall gaming trend in Okada Manila over the first three months of 2024. In addition to VIP segment, the casino resort runs mass-market table and gaming machine segments, as well as non-gaming operations to generate revenue. Such a revenue aggregated over the first quarter of 2024 has recently been reported by Tiger Resort Leisure and Entertainment to testify about the mass-market, gaming machines, and non-gaming revenue decline.
Gaming Segment Following the Trend:
As reported by the source, the mass-market table fell 6.3 percent from the Q1 2023 level to PHP2.96 billion (US$52 million) in the first three months of 2024. Unlike the VIP segment, the mass-market table segment nevertheless stayed 16.9% above the figure reached in the preceding quarter. Gaming machines reportedly generated PHP3.23 billion (US$57 million) in gross revenue in the Q1 2024, reportedly 17.2% down from the Q1 2023. According to the source, the segment also faced a 2.4% sequential decline.
6.5% Non-Gaming Revenue Fall:
Non-gaming revenue was no exemption from the rule applicable for the Okada operations in the three-month period that ended on 31 March. As reported by GGRAsia, these operations generated PHP971 million (US$17 million) to record a 6.5% year-on-year decline, as well as 6.0 % quarter-on-quarter decline. As a consequence, the property’s adjusted EBITDA for the first quarter of 2024 was 29.9% lower than for the same period of the prior year.
Significantly Reduced Online Gaming Volumes:
According to Inside Asian Gaming, property visitors were relatively steady at 1,455,872 compared to 1,461,196 hosted last year. However, Okada Manila’s remote gaming platform for online mass table games has reportedly experienced a significant drop in volume and revenue. The reason for the revenue decrease in Q1 2024 could also be tracked in this segment.
Full-Year 2023 Results:
GGRAsia reports that Tiger Resort, a vertical of Japanese conglomerate Universal Entertainment Corp., has also presented the full-year 2023 financial performance of the Okada Manila casino resort. According to the operator, the popular casino generated almost PHP44.54 billion (US$780 million) in gross gaming revenues in 2023 to record a 29.7 percent growth from the 2022 levels. As reported, non-gaming revenue rose 36.3 % over the prior year to contribute PHP3.90 billion (US$68 million) to the overall score.