The Okada Manila casino resort’s October gross gaming revenue (GGR) was PHP2.68 billion ($50.6 million), according to parent company Universal Entertainment Corp. (UEC).
In a filing, UEC said the adjusted segment earnings before interest, taxes, depreciation, and amortization (EBITDA) was “an all-time high,” of PHP370.6 million ($7 million). The monthly GGR was also a record high, excluding May of this year, which UEC said had been driven by a one-time boost from junket grand openings.
The company attributed the strong showing in GGR to higher win rates in the VIP, mass market table games, and gaming machine segments. Also credited were “new contracted junkets in VIP table games and mass marketing initiatives which started in the previous quarter (July 1 to September 30 of 2018) and continuously drove the foot traffics in the mass market.”
The sharp increase in adjusted segment EBITDA came not just from the increased revenue, but from “increased proportion of higher margin mass market revenue, more favorable junket agreements and reduced fixed cost ratio,” UEC said, adding that hotel occupancy rate was 97.7% for the month.
Mass table drop was P1.53 billion ($29 million). VIP rolling chip volume was P35 billion ($662.7 million), and gaming machine handle was P10.26 billion ($194.1 million). Gross revenue from VIP table games was PHP1.25 billion ($23.6 million). Mass market table games brought in PHP720 million ($13.6 million) while gaming machine revenue amounted to PHP709 million ($13.4 million).
For the first 10 months of the year, the casino’s GGR was PHP21.79 billion ($41.2 million). VIP table games from January to October brought in PHP10.11 billion ($191.3 million). Mass market table revenue was PHP5.41 billion ($102.4 million), while gaming machine revenue was PHP6.26 billion ($118.4 million) for the period.
Adjusted segment EBITDA for the first 10 months of 2018 was PHP1.13 billion ($21.5 million).
UEC recently reported an operating loss for the third quarter of $15.3 million, due mainly to increases in amortization and depreciation. Also in the third quarter, adjusted EBITDA was $9.5 million, a 302% increase from the previous quarter.
The company recently announced that it was close to being listed in the Philippine Stock Exchange (PSE), through the acquisition of holding company Asiabest Group International Inc. (ABG).
