The owner of the massive Okada Manila integrated casino resort in the Philippines allegedly revealed that the 993-room facility witnessed a 42% year-over-year decline in first-quarter gross gaming revenues to little over $109.2 million.
Inside Asian Gaming reported that the Entertainment City facility had been closed for the final 17 days of the quarter due to the ongoing coronavirus pandemic before the disclosure from the Tiger Resort Leisure and Entertainment Incorporated subsidiary of the Japanese conglomerate Universal Entertainment Corporation. According to the source, the 110-acre development's adjusted earnings before interest, tax, depreciation, and amortisation fell by 35% year over year to around $14.2 million as the number of visitors fell by 52% to about 572,000.
Empty space hoover
The 15-story Okada Manila, which cost about $2.3 billion to build and was completed in December 2016, has a 284,283 square foot casino with over 3,000 slots and close to 500 gaming tables. It also reportedly saw a 14.4% year-over-year decline in first-quarter hotel occupancy to hover around 74%. This is said to have contributed to similar VIP gaming takings declining by 49% to almost $48.1 million, with linked mass-market takings falling even more precipitously by 49.3% to over $17.8 million.
Extension anticipated:
GGRAsia used its own analysis on the statistics to draw attention to a 19.4% year-over-year decline in Okada Manila's first-quarter gaming machine revenues, which came to little over $39.2 million, despite the fact that Tiger Resort Leisure and Entertainment Incorporated claimed the venue enjoyed "normal operations" up until March 14. This insider said that since none of the four major casino resorts in metropolitan Manila can reopen until at least the end of this month due to coronavirus-related regulations, the depression would probably persist into the five-star property's second-quarter financials.
persistent worry
More than 16,048 coronavirus-related fatalities, including more than 1,000 in the previous week alone, have been reported in the Philippines to far, with more than 945,000 coronavirus infections. Despite this situation, President Rodrigo Duterte recently started to relax a few of the pandemic-related quarantine measures he imposed on the people of metropolitan Manila at the end of March in order to let government offices and certain private enterprises to reopen at 50% of their previous capacity.
Most recently:
A deal to sell a nine-acre plot of land next to the impressive development for about $271.6 million was reportedly abandoned by Universal Entertainment Corporation almost three weeks prior to the release of Okada Manila's disappointing first-quarter financial results. The Tokyo-listed parent allegedly disclosed in a March 30 filing that it had cancelled the proposed agreement because the unidentified buyer had attempted to push back the transaction's settlement date. The parent also purportedly stated that it is now open to 'new inquiries' regarding the waterfront parcel and soon hopes to begin 'negotiations with other buyers.
