Okada Manila’s gross revenue reached 2.7 billion pesos in October

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Okada Manila, the integrated hotel and game complex owned by Japan-based Universal Entertainment Corp., said it reported record gross gaming revenue and earnings before interest, taxes, depreciation and amortization in October. Universal Entertainment said in a statement on its website that the casino business under the direction of Okada Manila had gross gaming revenue of 2.67 billion pesos in October. It also reported an adjusted sector EBITDA of 370.6 million pesos last month. “October Segment Adjusted EBITDA hit a record high. Excluding the May 2018 result, which was driven by a one-time temporary spike due to inaugural junket events, gross revenue from October games also hit an all-time high, ”Universal Entertainment said. . Gross gaming revenue increased in all segments of VIP, consumer table games and gaming machines. The company attributed the increase in gross gaming revenue to the additional contribution of new VIP tabletop game sales contracts and mass marketing initiatives that began between July and September and have continuously generated foot traffic in the market. massive.

“Segment Adjusted EBITDA increased sharply, not only due to increased revenue, but also the increased proportion of higher margin mass market revenue, more favorable junket deals and a reduced fixed cost ratio, ”Universal Entertainment said. Okada Manila’s hotel business remained strong, with an average daily rate of P9,241 per night and an occupancy rate of 97.7% in October. The $ 2.4 billion Okada Manila is the third integrated hotel and casino complex to open at Pagcor Entertainment City in Parañaque City, after the Solaire Resort & Casino at Bloomberry Resort and the City of Dreams at Melco Crown. Universal Entertainment’s unit Tiger Resort Asia Ltd., which operates Okada Manila, previously announced plans to list its shares on the Philippine Stock Exchange after acquiring Asiabest Group International Inc., a dormant listed company. Tiger Resort has launched a takeover bid to acquire the remaining shares of Asiabest Group International Inc. which it does not own.

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