Universal Entertainment has said that Tiger Resort Leisure & Entertainment, the operator of Philippines integrated resort Okada Manila, saw a 35 per cent year-on-year fall in Adjusted segment EBITDA to Php69m(US$14.3m) in the first quarter of 2021 due to the effects of COVID-19.
Universal said: “Tiger Resort Leisure & Entertainment posted gross gaming revenue of 5,098m Philippine pesos and other revenue of 188m pesos for FY2021 1Q. On year on year comparison, total revenue decreased by 42 per cent (3,820m pesos) to 5,286m pesos and adjusted segment EBITDA decreased by 35 per cent (377m pesos) to 692m
VIP table games revenue dropped 49 per cent year-on-year to Php2.33 billion (US$48.2m) with mass table revenue down by 49.3 per cent to Php861m (US$17.8m) in the first quarter. Slot revenue dropped by just 19.4 per cent. Attendance was down by more than 50 per cent to around 572,000 in the first quarter with hotel occupancy rate coming in at 74 per cent versus 91.4 per cent in 2020.
Manila’s casinos are currently closed and will remain so until at least the end of April.