Okada Manila Expands Online Gaming While Facing Lower Earnings
Universal Entertainment Corp plans to grow its online gaming platform in the Philippines through its subsidiary, Tiger Resort, Leisure and Entertainment Inc (TRLEI). The parent company of Okada Manila confirmed that the casino resort is focusing on expanding its digital gaming operations to attract more local customers.
The platform, launched in 2024, allows land-based casinos in the Philippines to offer online gaming under the Philippine Inland Gaming Operator (PIGO) system. Okada Manila entered this market in April 2022 and now aims to increase its reach through additional marketing efforts.
To bring in more customers, Okada Manila is enhancing its membership program, Reward Circle, with extra promotions. Universal Entertainment also plans to use hotel facilities for large-scale events and invite foreign media to boost the casino’s visibility. In addition, the company is hiring and training staff to improve marketing strategies targeting both local guests and international visitors from Japan, South Korea, and other Southeast Asian countries.
Despite these efforts, Universal Entertainment reported weaker financial results for 2024. The company’s net sales dropped 29.4 percent from the previous year, totaling JPY126.33 billion (US$825.9 million). It also recorded a net loss of JPY15.57 billion, a reversal from the JPY28.44 billion profit posted in 2023.
Okada Manila’s revenue also declined, with net sales falling 15.4 percent year-on-year to JPY81.98 billion. Adjusted EBITDA for the casino decreased by 34.8 percent to JPY19.56 billion. Universal Entertainment attributed the drop to a decline in VIP gaming, stating, “The number of VIP guests at Okada Manila continued to decline throughout the fiscal year 2024 as the slowdown of the junket business negatively affected the overall market conditions for the casino business in the Philippines.”
While mass-market gaming and slot machines have grown since their pre-pandemic peak in 2019, their 2024 performance was weaker compared to the previous year, when demand surged following the pandemic.
Universal Entertainment also announced a delay in the transfer of shares of Asiabest Group International Inc, a Philippine-listed company. The shares were set to be transferred by Hong Kong-registered Tiger Resort Asia Ltd to PremiumLands Corp, a private real estate developer, for PHP510.4 million (US$8.8 million). However, due to the tender offer process required under regulations, the execution date has been pushed back to the end of April.
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