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Friday, March 29, 2024

Tiger Resort plans to list shares in PH by next year

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Japanese gaming conglomerate Universal Entertainment Corp. is preparing to list the shares of its Philippine gaming and leisure unit Tiger Resort Leisure & Entertainment Inc. in 2019.

Tiger Resorts is the operator of the $2.4-billion integrated casino and resort Okada Manila.    

“The Universal Entertainment Group is preparing to take public Tiger Resort Leisure and Entertainment Inc., the core company in the group’s casino resort business, in 2019 to accelerate its growth and raise its name recognition,” Universal Entertainment said in a statement posted on its website.

“Details will be disclosed as soon as they are finalized,” it added.

Universal Entertainment also reported that Okada Manila posted net sales of 21.64 billion yen (P10.09 billion) in the first half of the year and an operating loss of 3.020 billion yen (P1.5 billion) in the same period.

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The gaming company said total sales at Okada Manila, led by the gaming business in the Manila Bay region of the Philippines, continued to increase and had already become profitable in terms of its quarterly EBITDA (earnings before interest, taxes, depreciation and amortization).

“Sales in this business surpassed the initial forecast with gaming operations for the mass market and for VIPs which are the primary source of the company’s sales growth. The volume of the mass market has been climbing steadily and the official opening of junkets promoters have started contributing to growth in VIP gaming sales,” Universal Entertainment said.

The hotel occupancy rate, meanwhile, stood at 98 percent in the second quarter of the year.

Universal Entertainment said Okada Manila would continue to expand attractions and amenities to boost gaming and non-gaming revenues.

To increase earnings from the mass market, Okada Manila plans more non-gaming facilities and services and will lure an even larger number of VIPs from other countries.

Plans include strengthening the international marketing, opening sales offices in strategic countries, and adding and enhancing amenities to position Okada Manila as an integrated resort.

The company said Okada Manila would keep expanding hotel guest rooms and the shopping area.

“Taking these actions will more clearly differentiate Okada Manila in terms of the scale of facilities and the quality of services. Activities will continue in order to make this resort more competitive as one of the world’s leading,” Universal Entertainment said.

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