Okada Manila GGR hits a yearly low as VIP numbers disappoint
Okada Manila, one of the Philippines’ largest integrated resort casinos, continued its downward trajectory in the December 2025 quarter, as weaker high-roller play and softer visitor numbers pushed gaming revenues to their lowest level of the year.
Gross gaming revenue (GGR) for the fourth quarter fell to PHP 5.93 billion (€5.48 billion), according to figures released by operator Tiger Resort, Leisure and Entertainment Inc. The result was 34 percent lower than the same quarter in 2024 and marked the fourth consecutive quarterly decline for the resort.
Performance declines across all sectors
The latest figures underline a steady deterioration in performance over the course of 2025. After posting gross gaming revenue of PHP 8.98 billion (€148 million) in the December 2024 quarter, Okada Manila saw revenues fall to PHP 7.81 billion (€129 million) in the first quarter of 2025, before easing further to PHP 7.10 billion (€117 million) in the second quarter and PHP 6.98 billion (€115 million) in the third, ahead of a sharper decline in the final three months of the year.
The downturn has been most severe in the VIP table games segment, historically a core earnings driver for the property. VIP GGR in the December quarter plunged to PHP 667 million (€616 million), representing a 78.9 percent year-on-year decline. A year earlier, the same segment generated PHP 3.15 billion, highlighting the scale of the contraction.
Mass-market gaming segments proved more resilient but were not immune to the slowdown. Revenue from mass table games fell 10.8 percent year-on-year to PHP 2.28 billion (€2.11 billion), while gaming machine revenue declined 8.8 percent to PHP 2.98 billion (€2.75 billion). These segments, which target lower- and mid-stakes players, helped cushion the overall decline but were insufficient to offset the collapse in VIP play.
Non-gaming revenue, including hotels, food and beverage, retail, and entertainment, also softened. The segment posted PHP 1.14 billion (€1.05 billion) in revenue for the quarter, down 5.3 percent compared with a year earlier. Showing the broad-based weakness, adjusted property EBITDA fell sharply by 88.5 percent to PHP 238 million (€220 million).
A 20 percent decline YoY
For the full year 2025, Okada Manila generated total GGR of PHP 27.8 billion (€25.7 billion), a 20.1 percent decline year-on-year. VIP table game revenue dropped 44.3 percent to PHP 6.19 billion (€5.72 billion), while mass table game GGR fell 9.8 percent to PHP 9.86 billion (€9.11 billion). Gaming machine revenue declined 8.0 percent to PHP 11.8 billion (€10.9 billion).
Adjusted property EBITDA for the year decreased 44.0 percent to PHP 4.27 billion (€3.95 billion). Manila’s integrated resort operators have been challenged by a sharp decline in visitors from key source markets, particularly China and South Korea, over the past year.
The Philippine government’s ban on offshore gaming operators has also significantly reduced the flow of high-value players, dealing a heavy blow to VIP-driven revenues. After a strong post-pandemic rebound in 2023, Okada Manila’s results underline the growing pressures facing the sector.
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