Okada Manila, the prominent integrated resort in the Philippines, reported a noticeable decline in its third-quarter performance for 2025. The casino’s gross gaming revenue (GGR) fell by 15.2% year-on-year, reaching PHP6.98 billion (US$120 million), as it continued to face challenges in the VIP segment.

Okada Manila’s Gaming Revenue Experiences Sharp Decline in Q3 2025

While the news wasn’t entirely negative, the mass-market table games saw a slight uptick, growing by 2.3% from the previous year to PHP2.51 billion (US$43.2 million). This improvement, however, was overshadowed by the significant 40.8% drop in VIP table games revenue, which slumped to PHP1.46 billion (US$25.1 million). Additionally, gaming machine revenue also dropped by 9.2%, amounting to PHP3.00 billion (US$51.7 million).

The drop in VIP play has been a recurring issue for all operators in the Entertainment City area of Manila, with the Philippines Offshore Gaming Operators (POGO) ban that took effect at the beginning of the year being a major contributing factor. This ban led to a decline in the number of high-spending Chinese customers, further compounding the challenges faced by the sector.

Despite these setbacks, Okada Manila’s non-gaming revenue in Q3 showed some resilience, though it still reported a decline of 7.4%, reaching PHP864 million (US$14.9 million). However, on a positive note, Tiger Resort Leisure & Entertainment Inc. (TRLEI), the operator of Okada Manila, reported a slight improvement in Adjusted EBITDA for the quarter, which increased by 2.0%, reaching PHP1.11 billion (US$19.1 million).

VIP Segment and Overall Revenue Decline

As Inside Asian Gaming reports, citing Universal Entertainment Corporation: Operating Results of TRLEI (Preliminary Report for 3rd Quarter of Fiscal Year 2025) (pdf), for the first nine months of 2025, Okada Manila’s cumulative GGR stood at PHP21.9 billion (US$377 million), representing a 15.3% decrease compared to the same period last year. Within this, VIP table games suffered the most, with a 30.6% decline, amounting to PHP5.52 billion (US$95.1 million). Mass table games also saw a drop of 9.5%, totaling PHP7.58 billion (US$131 million), and gaming machine revenue decreased by 7.7%, to PHP8.78 billion (US$151 million).

Despite the drop in gaming revenue, TRLEI did find some positives in other areas, including a 40% increase in hotel occupancy, which reached 87%, and an uptick in property visitors, which rose to 1.41 million for the quarter. While these non-gaming aspects provided some buffer against the downturn in the core gaming business, the resort still faces a challenging period ahead as it works to regain its footing in a volatile market.

In September 2025, Okada Manila saw a change in leadership, with Nobuki Sato assuming the roles of president and COO, succeeding Byron Yip. Sato, a senior executive officer at Universal Entertainment, also serves as the company’s CFO. This leadership transition is expected to bring fresh perspectives and strategies to Okada Manila as it continues to navigate its current difficulties.

Looking forward, the resort’s ability to recover and stabilize its gaming revenues hinges on several factors, including the overall economic recovery in the Philippines and broader regional markets. The ongoing challenge with the VIP segment remains a concern, as well as the broader trend of declining non-gaming revenue, which could further hinder the resort’s financial recovery.