Okada Manila VIP better than expected in November

Okada Manila

Okada Manila GGR increased by 29.3 percent in November, reaching P3.8 billion (US$75.1 million), led by strong VIP volumes. 

Analysts from Union Gaming said the VIP results were stronger than expected, with VIP GGR increasing 29.8 percent, reaching P1.9 billion.

The brokerage said it has now raised its estimates for 19Q4 VIP rolling chip volume to 78 percent, up from 44 percent.

Union Gaming also noted the steady growth in mass, in line with expectations. Mass-market table games GGR increased 15.9 percent to P884 million 

There was also a ramp-up of slots, above estimates, with gaming machine revenue increasing 42.9 percent in the month to P993 million.

As a result, Union Gaming has adjusted its estimates for Universal Entertainment’s Integrated Resort revenue and EBITDA to JPY19.5 billion and JPY3.4 billion, respectively.