Universal Entertainment’s subsidiary Tiger Resort Leisure and Entertainment (TRLEI) experienced a significant increase in revenue during 2022, as the company’s takings nearly returned to pre-pandemic levels. Despite the challenges posed by Covid-19, TRLEI’s robust performance demonstrates the resilience of the Philippines casino business.
Financial Performance:
In its preliminary report for the fourth quarter of 2022, Universal Entertainment announced that TRLEI achieved total revenue of PHP37.20 billion ($681.7 million) in 2022, representing an 88.8% increase compared to 2021. While revenue declined by 12.2% compared to pre-Covid levels in 2019, the figures indicate a remarkable recovery considering the impact of the pandemic. GGR for 2022 reached PHP34.3 billion, nearly double the amount reported in 2021, but down 13.8% compared to 2019.
Gaming Segment Performance:
TRLEI’s gaming segment contributed significantly to its overall revenue growth. GGR from VIP table games in 2022 amounted to PHP13.3 billion, marking a 38.8% increase compared to 2021. However, it declined by 32.8% compared to 2019. Mass table gaming, which includes online gaming, reached PHP9.3 billion, slightly below the 2019 figure. Gaming machine takings of PHP11.7 billion experienced a 13.2% increase compared to 2019.
Other Revenue Streams:
TRLEI also witnessed substantial growth in other revenue streams, including hotel, food and beverage, retail, and entertainment. These revenues amounted to PHP2.9 billion in 2022, representing a remarkable year-on-year increase of over 250% and a 10.6% rise compared to 2019. In the fourth quarter of 2022 alone, TRLEI reported PHP1.1 billion in other revenue, more than double the figure from the same period in the previous year.
Hotel Occupancy:
The hotel occupancy rate for TRLEI during 2022 was 82.1%, compared to 75.4% in 2021 and 98.1% in 2019. Despite the challenges of the pandemic, TRLEI maintained a solid occupancy rate, indicating the continued attractiveness of its integrated resort property.
Adjusted Segment EBITDA:
TRLEI’s adjusted segment EBITDA for 2022 reached 8,611, reflecting a substantial increase of 263.0% compared to 2021 and a 25.2% rise compared to 2019. This positive EBITDA growth highlights the company’s improved financial performance and operational efficiency.
Tiger Resort Leisure and Entertainment (TRLEI), a subsidiary of Universal Entertainment, demonstrated remarkable financial performance in 2022. With a significant increase in total revenue and gross gaming revenue, TRLEI’s takings approached pre-pandemic levels. The company’s success can be attributed to the recovery of the gaming industry in the Philippines and the effective management of its integrated resort property, Okada Manila. As TRLEI continues to navigate the evolving landscape, it remains well-positioned for future growth and recovery in the post-pandemic era.