Okada Manila, the integrated resort and gaming complex owned by Japan’s Universal Entertainment Corp., said it posted record-high gross gaming revenue and earnings before interest, taxation, depreciation, and amortization in October.
Universal Entertainment said in a statement posted on its website the casino resort business under Okada Manila registered a gross gaming revenue of P2.67 billion in October.
It also declared an adjusted segment Ebitda of P370.6 million last month.
“The adjusted segment Ebitda of October reached an all-time high. Excluding the result of May 2018 which was driven by one-time temporary spike due to junket grand opening events, the gross gaming revenue of October also reached an all-time high,” Universal Entertainment said.
The gross gaming revenue increased across all segments of VIP, mass market table games and gaming machine.
The company attributed the higher gross gaming revenue to the additional contribution from newly contracted junkets in VIP table games and mass marketing initiatives which started in July to September quarter and continuously drove the foot traffic in the mass market.
“The adjusted segment Ebitda increased sharply driven not only by revenue increase but also by increased proportion of higher margin mass market revenue, more favorable junket agreements and reduced fixed cost ratio,” Universal Entertainment said.
Okada Manila’s hotel business remained strong, with the average daily room rate of P9,241 per night and occupancy rate of 97.7 percent in October.
The $2.4-billion Okada Manila is the third integrated resort and casino to open in Pagcor Entertainment City in Parañaque City after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.
Universal Entertainment’s unit Tiger Resort Asia Ltd., which operates Okada Manila, earlier reported plans to list its shares in the Philippine Stock Exchange after acquiring Asiabest Group International Inc., a listed dormant firm.
Tiger Resort launched a tender offer to acquire the remaining shares in Asiabest Group International Inc. it did not own.