Okada Manila’s ongoing struggle in the VIP gaming segment continued through the second quarter of 2026, with the integrated resort reporting another decline in gaming revenue as competition and softer international demand weighed on performance.
According to figures shared by Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the operating company of Okada Manila, the gross gaming revenue (GGR) for the quarter fell 14.6 per cent year-on-year to PHP 6.06 billion ($98.2 million). Revenue also slipped 6.3 per cent from PHP 6.47 billion ($105 million) recorded in the first quarter of the year.
The biggest drag came from VIP gaming, where revenue dropped 56.2 per cent to PHP 1.0 billion (US$16.2 million). In contrast, the property’s mass-market business remained resilient. Revenue from mass table games increased 8.5 per cent to PHP 2.20 billion ($35.6 million), while gaming machine revenue rose 2.7 per cent to PHP2.86 billion ($46.3 million).
Profitability hit severely
Non-gaming revenue, including hotels, food and beverage, retail and entertainment, remained largely unchanged at PHP 928 million ($15.0 million). The weaker gaming performance also hit profitability. Adjusted segment EBITDA declined 71.1 per cent year-on-year to PHP 333 million ($5.4 million).
The latest results indicate the challenges facing Okada Manila are far from over, especially in the VIP segment. Universal Entertainment Corp. has previously said lower visitor arrivals from key markets such as China and South Korea, along with intensifying competition among Manila’s integrated resorts, continue to put pressure on the property’s performance.
The company has also highlighted growing competition among Manila’s integrated resorts, saying operators are spending more to attract premium customers, increasing customer acquisition costs across both the VIP and mass-market segments.
Second consecutive loss quarter
The trend has been visible for some time. During its first-quarter 2026 financial update, Universal Entertainment said competition in Manila continued to intensify, making it increasingly difficult to maintain VIP gaming volumes despite stable performance in its other businesses.
The second-quarter figures also follow a difficult 2025 for the property. Okada Manila reported four consecutive quarterly declines in GGR last year, with revenue falling from PHP 8.98 billion ($148 million) in the December 2024 quarter to PHP 7.81 billion ($129 million) in the first quarter of 2025, before easing further to PHP 7.10 billion ($117 million) and PHP 6.98 billion ($115 million) in the following two quarters. The final quarter of 2025 ended with GGR of PHP 5.93 billion ($97.8 million), marking a 34 per cent year-on-year decline.
VIP business in headwinds
The VIP segment continued to bear the brunt of the slowdown throughout 2025. By the fourth quarter, VIP gaming revenue had plunged nearly 79 per cent year-on-year. Mass-market table games and gaming machines also lost some momentum, although their declines were far less severe. Non-gaming revenue also edged lower as spending across the resort softened.
Overall, Okada Manila closed 2025 with gross gaming revenue of PHP 27.8 billion ($458 million), down 20.1 per cent from the previous year. The steep fall in VIP play remained the biggest factor behind the decline, while revenue from mass table games and gaming machines also ended the year below 2024 levels.
Although mass-market gaming continues to provide some stability, the latest quarterly results suggest Okada Manila remains under pressure as it works through a prolonged slowdown in VIP gaming and an increasingly competitive Philippine casino market.
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