Philippines August GGR up 11 percent

Philippines gross gaming revenue was up 11 percent in August on a year-on-year basis which was, overall, “another decent month,” said CLSA Research.

 August GGR was up 11 percent month-on-month, while VIP revenue was down 2 percent YoY and up 37 percent MoM.

“VIP is ticking up well sequentially but was hampered by a negative hold rate in the direct premium business at [City of Dreams Manila].

The local-dominated mass segment, though flat MoM, continues its impressive growth, aided by CODM. This segment is up 23 percent YoY and accounted for 61 percent of GGR in July.

By property, CODM was down slightly by 7 percent from July, largely driven by an unlucky hold in the premium direct business, which saw the house actually lose, said CLSA.

“The junket business continues to see excellent growth (+102% MoM), while the mass business is also building up some momentum (+28% MoM).”