Universal Entertainment Corp, the Japan-based gaming conglomerate, is used to making its income off of pachinko games. However, it is also on a mission to expand into the casino market and already operates the Okada Manila in the Philippines. That casino first launched in December of 2016 and has added new installations in various stages since. In its latest financial filing, Universal indicates that the casino may not be living up to its expectations.

According to Universal, the operating loss of Okada rose in the third quarter by $1.09 million. It grew to $15.28 million, primarily driven by an increase in amortization and depreciation.

Okada Manila generated an adjusted EBITDA (earnings before interest, taxation, depreciation and amortization) of $9.488 million during the third quarter. This equates to an increase over the second quarter EBITDA – $2.36 million – of 302%. The adjusted EBITDA for the first quarter was $175,715.

VIP rolling chip volume during the latest quarter decreased 30% compared to the previous quarter. The chip volume was $1.89 billion, while the second-quarter figures reported a chip volume of $2.69 billion.