Okada and Resorts World Manila report on recent growth

Growth is an important part of the Philippines casino story right now, and two resorts are reporting on their situation. Okada Manila has recently announced their results for April, while Resorts World Manila has produced numbers for their performance in the first quarter of 2019.

Okada Manila continues to report on their significant growth in gross gaming revenue (GGR). In their filing, they noted GGR reached PHP2.48 billion ($47.5 million), up 26% from the previous year. At the same time, this was a 24.6% decline from the GGR of March 2019.

Universal Entertainment Corp, the operator of the casino, didn’t comment on the month over month decline, however one could guess that it had less action with the Easter weekend landing in April, a time where the resort shut down to locals for two days.

VIP revenue was also up 20% year over year, but fell 33.4 month over month. Mass market revenue came in even better, 42.6% higher year over year, but down 4.9% from March. Earnings before interest, taxation, depreciation and amortization (EBITDA) came in at PHP314 million ($5.99 million), an increase of 224% year over year, but down 39.3% from March.