Okada Manila in the Philippines didn’t do so well last month. The casino, run by Universal Entertainment subsidiary Tiger Resort, saw its gross gaming revenue (GGR) drop to around $50.9 million, representing about a 6.7% decrease in action from May of last year. The good news is that the venue’s performance was 6.5% better than it was in April when it took in about $47.73 million.
Universal didn’t go into detail about the GGR decline when it filed its earnings report yesterday, preferring to just stick with the facts. However, VIP revenue dropped 37.7% year-on-year to about $20.01 million, which would definitely account for the difference. May’s VIP activity was also a dip of 7.1% from the $2.15 million seen the previous month.
Mass-market table GGR at the casino increased by 36.4% year-on-year to $15.01 million, a jump of 14.9% over the $13.06 million seen a month earlier. Gaming machine revenue came in at $15.9 million, 38.5% higher than a year earlier and 20.2% higher than April. Last month, the company reported gaming machine revenue of $13.2 million.
Okada’s pre-EBITDA (earnings before interest, taxation, depreciation and amortization) adjusted segmental earnings were listed as being $7.1 million by Universal. This represents a massive 126.4% jump over the $3.13 million a year ago and an increase of 17.5% from the $6.04 million seen in April. Part of this came thanks to non-gaming revenue, which increased to $15.96 million.