Okada Manila GGR plummeted 41% in Q1 of 2021

The GGR fell PHP3.54 billion when compared to the first three months of 2020

Universal Entertainment Corp revealed that the group’s integrated resort – operated by its subsidiary Tiger Resort, Leisure and Entertainment Inc – Okada Manila’s gross gaming revenue (GGR) plummeted 41% year-on-year in Q1 of 2021, amounting to PHP5.10 billion (US$1.05 billion), compared with PHP8.64 billion in the Q1 of 2020.

The group noted that “its performance in most of the first quarter of 2020 had not been affected by restrictions linked to measures to stem the spread of COVID-19.”

In Friday’s filing, Universal Entertainment said “GGR from VIP table games fell by 49% year-on-year, to PHP2.33 billion in the three months to March 31. Revenue from mass table games stood at PHP861 million, down 49.3 percent from a year earlier, while revenue from gaming machines declined by 19.4 percent, to PHP1.90 billion.”

The parent company also said, Okada Manila had been enjoying “normal operations until March 14, 2020, but suspended operations from March 15 to 31, 2020,”

It added, “In the current fiscal year, some operations have continued under certain restrictions,”.

In other news, the Japanese gaming conglomerate announced earlier this month that it has terminated the proposed sale of a plot of land near Okada Manila in the Philippine capital, Manila following the Philippine government’s decision to restrict the entry of foreign visitors and new counter measures in lieu of the rising COVID-19 cases.

The company said it planned to sell 36,610 square meters (394,000 sq feet) of land near Okada Manila for the value approximately amounting to PHP13.18bn (US$271.6 million, at current exchange rates).

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In March, Okada Manila, received the prestigious  five-star rating from Forbes Travel Guide’s (FTG) 2020 Star Awards, for the second consecutive time.

They were awarded the award for “being equipped with industry-leading and comprehensive safety protocols, making it one of the world’s best and safest integrated resorts.”

Universal Entertainment’s subsidiary Tiger Resort, Leisure and Entertainment Inc operates the Okada Manila casino resort.

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