Universal Entertainment announces significant increase in GGR for Okada Manila
Universal Entertainment, the operator of Okada Manila, has announced that the property achieved a significant increase in gross gaming revenue during the second quarter of this year. The revenue reached an impressive (US) $207.56 million, marking a growth of 36.12 percent compared to the same period last year.
Second quarter results
The adjusted segment EBITDA also experienced a substantial rise, soaring by 39.9 percent to (US) $56.25 million. The VIP play segment played a crucial role in driving these results, accounting for the majority of the play results at (US) $81.26 million, representing a yearly increase of 36.44 percent.
Table games also demonstrated strong growth, with a notable increase of 40.11 percent to (US) $56.44 million. Similarly, gaming machine revenue witnessed a positive trend, reaching (US) $69.68 million, a 32.69 percent increase compared to the previous year.
Additionally, during this period, the group recorded 1.42 million property visits, representing a significant surge of 35.62 percent. This surge in visitors contributed to the hotel occupancy rate, which reached 80.7 percent. Although this figure reflects a slight decline from the 86.4 percent occupancy rate seen in the same period in 2022, it still indicates a favorable level of occupancy.
The impressive growth in gross gaming revenue and the strong performance across various gaming segments, coupled with increased property visits, showcase the continued success of Okada Manila and its ability to attract and satisfy a growing number of visitors.
Okada Manila Q2/23 Results YoY (Source – SiGMA)
SiGMA in Manila this week
SiGMA Group is set to host its event in the Philippines this week, drawing a majority of attendees from outside the country. The event will bring together a vast global network, reaching suppliers, operators, and affiliates in the Asian market. The brands participating will include both online and land-based operators. SiGMA has gained the endorsement of PAGCOR, the gambling regulator in the Philippines. More information about this week’s event is available via SiGMA World.
Rapid growth of gaming industry in Phillipines
The gambling industry in the Philippines is experiencing rapid growth, particularly in the iGaming sector. The popularity of online casinos has contributed to the country becoming one of Asia’s most lucrative iGaming markets. The introduction of mobile-enabled casino games and the acceptance of crypto as a payment method have further fueled this growth. The diverse product offerings, well-balanced market segments, and favorable gaming tax regime have also played a significant role in the recovery and expansion of the Philippines casino market. The availability of a skilled workforce at competitive costs and the presence of high-quality integrated resorts further support the sector’s exponential growth.
The Philippines stands out as an attractive gambling market in Southeast Asia, offering competitive labor costs compared to other countries in the ASEAN region. This attractiveness has made the country a destination for foreign investments and new operations.
Both land-based and online gaming options are popular in the Philippines. Poker is the most prevalent game in over 35 land-based casinos, while online gaming platforms such as Jiliko, Plae8, 22win, EU9, 20Bet, Magic Red, Mr Mega, and HeySpin provide a wide range of choices for gamblers.
Philippines iGaming sector continues to flourish
The iGaming sector in the Philippines continues to flourish, attracting offshore companies with its regulated gaming laws and a gateway to tap into the restricted Chinese market where all gambling activities are banned.
The Government in the Philippines is actively encouraging local betting and has implemented a competitive gaming tax regime, allowing operators to allocate more resources for customer acquisition and improvements. This is expected to lead to significant future revenue growth.
Sports betting has gained popularity in the Philippines over the past decade, with nearly 50 million active gamers placing bets on live competitions. The accessibility of smartphones and mobile internet has fueled this growth. The country ranks 25th globally in terms of in-game revenue. The esports sector is also gaining traction, with a significant portion of gamers between the ages of 18 and 34.
According to data from PAGCOR, the gaming industry in the Philippines is recovering rapidly from the pandemic. In 2022, licensed online gambling casinos reported an average gross gaming revenue of nearly $2 billion, with a projected compound annual growth rate of 10.82 percent. Revenues are expected to exceed $3 billion.
Electronic games like e-sabong and bingo have also contributed to the overall gaming revenue.
