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Okada Manila casino revenues hit record; parent raises funds

Universal Entertainment released financial figures showing that casino revenues at Okada Manila reached a record-high PHP2.9 billion ($55.1 million) in November, combined with a record-high EBITDA of almost PHP528 million pesos ($10 million) during the same period.

These figures represented a 9 percent advance in casino revenues and a 42 percent bump in EBITDA over the October results.

Universal cited improvements in both the VIP and mass market sectors as being behind the positive results.

The hotel occupancy in November also remained robust at 97.4 percent, only slightly lower than the October figure.

Universal also said in a release on Friday that it agreed to place notes worth $600 million to finance ongoing construction of the resort, which held a soft launch in Dec. 2016.

The notes are expected to be issued on Tuesday and will mature in Dec. 2021. They will carry an annual coupon of 8.5 percent.

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