More licensed gaming operators reported higher gross gaming revenues, improved foot traffic, and higher non-gaming revenues in the third quarter of 2022.
PAGCOR predicted that the Philippine gross gaming revenues would exceed 2019 levels by 2026. But as early as now, many gaming firms are reporting gaming revenues closer to pre-pandemic levels.Tiger Resort, Leisure and Entertainment Inc., the operator of Okada Manila Casino Resort in Entertainment City complex in Paranaque, has yet to release its third-quarter performance, but its top executive noted the dramatic increase in visitors this year.
“We at Okada Manila are seeing green shoots of recovery from when the pandemic struck the Philippines in 2020. Through the collaboration of our employees and leaders, Okada Manila was able to record more than two-fold growth in our monthly foot traffic,” Yip said.It has recently expanded its retail business, revamped some of its restaurants and opened a new VIP club and function rooms.
Nine-month consolidated GGR hit P35.4 billion, representing an increase of 80 percent from P19.6 billion in the first nine months of 2021. “Against a global economic backdrop of rising inflation and interest rates, our business saw third-quarter gaming volumes further improve toward pre-pandemic levels,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
Meanwhile, Travellers International Hotel Group., the owner and operator of Newport World Resorts, an integrated tourism complex in Pasay City, also performed stronger in the first nine months of the year.
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