INTEGRATED casino hotel Okada Manila posted a 62% increase in first-semester revenues on the back of the strong showing of its casino business, its operator Tiger Resort Leisure and Entertainment, Inc. (TRLEI) said.
In a statement on Wednesday, TRLEI said Okada Manila’s total revenues rose to P24.82 billion during the first six months compared with P15.36 billion a year ago.
“This was mainly driven by the strong performance of its casino business, with gross gaming revenues reaching P22.86 billion, an impressive 60% rise from P14.32 billion the year prior,” TRLEI said.
Broken down, VIP wins rose 54% to P8.94 billion in the first half from P5.79 billion, the company said. Wins from mass table games increased 58% to P5.89 billion while wins from gaming machines surged 60% to P7.7 billion.
Non-gaming revenues — which include hotel operations, food and beverage, retail, entertainment, and other ancillary services — increased 89% to P1.95 billion.
“With the strong growth in revenues, Okada Manila has helped in driving the revenues of the Philippine Amusement and Gaming Corp. in the first two quarters of 2023,” TRLEI said.
Okada Manila has been operating at full capacity since February 2022 as it reopened its doors to the public after two years of partial operations as a result of the pandemic.
Meanwhile, TRLEI President Byron Yip said the company expects stronger demand and sustained growth for the rest of 2023.
“We continuously see a strong rebound in demand for gaming, leisure, and entertainment. We are confident that the market will continue to recover throughout the year and we anticipate a healthy top line by the end of 2023,” Mr. Yip said.
“We are eager to sustain the growth momentum for the rest of the year, as we continue to strengthen Okada Manila’s operations. We are one with the government in helping the industry recover and expand faster in the coming years,” he added. — Revin Mikhael D. Ochave