On December 12, Tiger Resort, Leisure & Entertainment, Inc., the company which operates the Philippines integrated resort Okada Manila, reported that the casino operation has seen a 29% increase in gross gaming revenue for the month of November. The overall revenue increased to a total of PHP3.76 billion ($74.1 million), and was driven by all segments of their gaming operations according to the company.
According to figures released by Universal Entertainment Corporation, the parent company of Okada Manila, revenue increased as well thanks to the VIP turnover which increased by 86.5% to a total of PHP66.80 billion ($1.32 billion) in November. This, despite the fact that the VIP revenue PHP1.89 billion ($37.3 million) was impacted greatly by a sharp decline in win rate from 4.06% in November of last year to a total of 2.82% this year.
The company reports that the mass table drop grew 9.4% while the win was up 15.9% to PHP884 million ($17.4 million). The slot machine handle increased by 45.7% with the win rate reaching PHP993 million ($19.6 million).
The Okada Manila Resort enjoyed their biggest monthly visitation rate since the resort opened, reporting that 542,158 customers enjoyed their hospitality for at least one night. This is good news as the resort is expected to open the remaining rooms sometime in the first quarter of next year, increasing the total number of rooms available to nearly 1000.
These numbers are spectacular and come on the heels of a report that Entertainment City IR Okada Manila is expected to attract a number of major international hotel brands as part of a major expansion on the property.
Universal President Jun Fujimoto recently met with the president of the Philippines, Rodrigo Duterte, to discuss the expansion plans. The first phase of their initial project is expected to be completed with the additional hotel rooms, and now Universal is looking to move on to the next phase.
In a statement, the company explained, “Going forward, in addition to plans to develop condominiums and other forms of real estate, we also have plans to collaborate with businesses with which we expect to have a synergy and entice major brand hotels.”
In addition to attracting hotels, Okada Manila would also like to see the “develop condominiums and other forms of real estate.”Universal explained in a statement that “This [real estate business] will strive to strengthen the profitability of … [the] integrated resort business.”
