Universal Entertainment Announces Q2 2024 Results for TRLEI, Operator of Okada Manila

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Universal Entertainment has disclosed the Q2 2024 results for its subsidiary, Tiger Resort, Leisure And Entertainment, Inc (TRLEI), the operator of Okada Manila. The financial performance, outlined on the company’s official website, reveals both challenges and growth areas for TRLEI in the fiscal year 2024.

Key Financial Highlights

Q2 2024 Performance:

Gross Gaming Revenue: PHP8,835 million (US$151 million)
Other Revenue: PHP1,004 million
Adjusted Segment EBITDA: PHP2,146 million

First Half of Fiscal Year 2024:

Total Revenue: PHP19,586 million (US$334.68 million)
- Gross Gaming Revenue: PHP17,612 million
- Other Revenue: PHP1,974 million
Adjusted Segment EBITDA: PHP4,478 million

Year-on-Year Comparison

Despite the strong quarterly figures, TRLEI’s total revenue for the first half of 2024 represents a decrease from the same period in 2023. Last year’s first half posted total revenue of PHP24,816 million, with gross gaming revenue at PHP22,863 million, marking a 21% decline in 2024.

Segment Analysis

Gaming Revenue Decline: Revenue from all gaming segments, including VIP table games, mass market games, and gaming machines, has decreased in 2024 compared to 2023. This decline highlights the challenges faced by TRLEI in maintaining its gaming revenue streams.

Other Revenue Growth: In contrast, ‘Other Revenue’—encompassing hotel services, food and beverage, retail, and entertainment—showed a slight increase, from PHP1,952 million in 2023 to PHP1,974 million in 2024. This growth is attributed to a modest rise in property visitors, from 2,883,507 in 2023 to 2,902,948 in 2024.

Industry Context

Interestingly, TRLEI’s revenue decline comes at a time when the Philippine Amusement and Gaming Corporation (PAGCOR) reports an overall increase in the country’s gross gaming revenue. PAGCOR’s latest update shows a 19.21% year-on-year growth in the Philippines’ total gross gaming revenue, highlighting a divergence between TRLEI’s performance and the broader industry trend.

Conclusion: The Results

TRLEI’s second-quarter results for 2024 reflect both the challenges and opportunities within the gaming and entertainment industry. While gaming revenues have seen a notable decline, the growth in other revenue streams and visitor numbers indicates potential areas for recovery and future growth. As the industry continues to evolve, TRLEI’s ability to adapt and innovate will be crucial in navigating the competitive landscape.

FAQs About TRLEI’s Q2 2024 Financial Performance

1. What is TRLEI’s gross gaming revenue for Q2 2024?

TRLEI’s gross gaming revenue for Q2 2024 is PHP8,835 million (US$151 million).

2. How much is TRLEI’s other revenue for Q2 2024?

TRLEI’s other revenue for Q2 2024 is PHP1,004 million.

3. What is TRLEI’s adjusted segment EBITDA for Q2 2024?

TRLEI’s adjusted segment EBITDA for Q2 2024 is PHP2,146 million.

4. What is the total revenue for TRLEI in the first half of the fiscal year 2024?

The total revenue for TRLEI in the first half of the fiscal year 2024 is PHP19,586 million (US$334.68 million).

5. How does TRLEI’s total revenue in the first half of 2024 compare to the same period in 2023?

TRLEI’s total revenue in the first half of 2024 decreased by 21% compared to the same period in 2023, dropping from PHP24,816 million to PHP19,586 million.

6. What was the gross gaming revenue for TRLEI in the first half of 2023 compared to 2024?

The gross gaming revenue for TRLEI in the first half of 2023 was PHP22,863 million, compared to PHP17,612 million in 2024.

7. Which segment of TRLEI’s revenue showed growth in 2024?

The ‘Other Revenue’ segment, which includes hotel services, food and beverage, retail, and entertainment, showed growth in 2024, increasing from PHP1,952 million in 2023 to PHP1,974 million.

8. How has the number of property visitors changed from 2023 to 2024?

The number of property visitors increased slightly from 2,883,507 in 2023 to 2,902,948 in 2024.

9. How does TRLEI’s performance compare to the overall gaming industry trend in the Philippines?

TRLEI’s performance contrasts with the overall gaming industry trend in the Philippines, where PAGCOR reported a 19.21% year-on-year increase in the country’s gross gaming revenue.