Okada Manila GGR slumps 22% in 2Q24 on decline in VIP gaming table and slot machine segments

Tiger Resort, Leisure and Entertainment Inc, the operator of Philippines integrated resort Okada Manila, has reported gross gaming revenue of Php11.3 billion (US$194 million) in the three months to 30 June 2024, down 21.8% on significant declines in the VIP and gaming machine segments.

The result was slightly improved on 1Q24 GGR, however.

According to details posted late Friday, Okada Manila generated GGR of Php2.90 billion (US$49.7 million) from VIP gaming tables in 2Q24, down 34.5% year-on-year, while gaming machines fell by 21.8% to Php2.97 billion (US$50.9 million).

Mass gaming tables fell by 3.4% to Php2.97 billion (US$50.9 million), while non-gaming revenue was up by 9.7% to Php1.0 billion (US$17.1 million).

Adjusted segment EBITDA declined by 30.0% year-on-year to Php2.15 billion (US$36.8 million), despite an increase in total property visitors to 1.45 million compared to 1.42 million in 2Q23.

For the first six months of 2024 combined, GGR at Okada Manila is down 23.0% year-on-year to Php17.6 billion (US$301 million) with Adjusted segment EBITDA down 30.0% to Php4.45 billion (US$76.2 million).