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Strong gaming revenues hike Okada Manila’s sales to P28.2b

Okada Manila, the integrated resort and gaming complex owned by Japan’s Universal Entertainment Corp., posted revenues of P28.2 billion in 2018 on strong gaming sales.

Universal Entertainment said in a statement posted on its website that Tiger Resort Leisure & Entertainment Inc., the operating company of Okada Manila, registered gaming revenues of P27.2 billion in 2018 and non-gaming sales of contributed P1.74 billion.

The company did not provide comparative figures. Earlier, Universal Entertainment  reported that Okada Manila booked sales of P7.91 billion (16.05 billion yen) in 2017.

Gaming revenues from VIP table games accounted for P12.6 billion of the total, while mass table games and gaming machines contributed P6.8 billion and P7.7 billion, respectively.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at P2.14 billion in the full year of 2018.

The $2.4-billion Okada Manila, which opened in December 2016, is the third integrated resort and casino to open in government-sponsored Pagcor Entertainment City after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.

Okada Manila’s gross gaming revenues reached P8.11 billion     in the fourth quarter, while non-gaming sales reached P622 million as hotel occupancy remained high.

Universal Entertainment through unit TRLEI earlier reported plans to list its shares in the Philippine Stock Exchange after acquiring Asiabest Group International Inc., a listed dormant company.

Okada Manila is currently in the midst of an intra-corporate dispute involving major shareholders of the company.

Okada Holdings is the controlling shareholder of Japan’s Universal Entertainment, which in turn is the 100-percent owner of Tiger Resort that fully owns Tiger Resort Leisure & Entertainment Inc., operator of casino hotel Okada Manila.

Japanese pachinko billionaire and UEC founder Kazuo Okada and his daughter Hiromi Okada earlier initiated civil and criminal proceedings in Hong Kong to regain control of Okada Holdings and secure criminal convictions for fraud and financial crimes against those responsible for his alleged illegal ouster as chairman of Okada Holdings, UEC, Tiger Resort and Okada Holdings in 2017.

Topics: Okada Manila , Universal Entertainment Corp. , revenues , gaming sales
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