for early access to the latest igaming videos!
and get the latest igaming news first!
Okada Manila’s casino operations sharply declined in the fourth quarter of 2025, with gross gaming revenue down 34 percent year-on-year to just under PHP5.93 billion, approximately US$99.7 million. Property promoter Tiger Resort disclosed the results in a Wednesday filing that painted a troubling picture of weakness in both the VIP and mass market. Adjusted segmental EBITDA collapsed 88.5 percent to approximately PHP238 million from PHP2.07 billion a year earlier, a dramatic compression reflecting how revenue declines flowed through to operating profitability.
Sharp VIP Decline Drives Revenue and EBITDA Pressure
Full fourth-quarter VIP revenue fell 78.9 percent year-on-year to approximately PHP667 million. That kind of decline implies either lower high-roller volume or significantly lower average bets from existing customers. The VIP space historically drives outsized profit contributions despite lower volume, so a drop of that magnitude signals major shifts in player behavior or competitive loss.
Mass-market tables held somewhat better but still declined. The revenue generated by the mass gaming business during October to December was PHP2.28 billion, a decline of 10.8 percent on a year-on-year basis. The gaming machines revenue also came in at PHP2.98 billion, a decline of 8.8 percent, though not as drastically as the VIP gaming business, yet unable to compensate entirely for the decline caused by high-roller revenue. There is a decrease of 5.3 percent to $1.14 billion in the non-gaming revenue numbers, as well as evidence that other amenities of other hotels are not performing as well as expected.
In 2025, the number of non-gaming revenue continues to decline further for Okada Manila from 2024, as reported for the total gross gaming revenue of PHP27.81 billion. This represents a decrease of 20.1 percent from the previous year. It also reflects an overall decrease in adjusted segment EBITDA of 44 percent to PHP4.27 billion.
Parent Company Faces Financial Headwinds
Tiger Resort is a unit of Japanese conglomerate Universal Entertainment Corp. The parent company revised its full-year 2025 profit forecast in November, flipping from an expected 800 million yen profit to an anticipated loss. That revision was explicit in citing VIP troubles at Okada Manila alongside weak sales of amusement machines, pachinko and gaming devices that Universal Entertainment makes mainly for the Japanese market.
The dual headwinds signal broader challenges beyond Okada Manila. Universal Entertainment’s amusement machine business, a major profit source historically, faced demand softness. Okada Manila’s struggles added meaningful drag to consolidated results. The company found itself contending with deteriorating performance across both its Philippine gaming asset and core Japanese gaming machine operations.
VIP Weakness Signals Competitive Pressure
The size of the Okada Manila VIP decline begs questions about competitive dynamics in the Manila casino market. VIP players are generally sophisticated gamblers, loyal to specific properties and able to access multiple venues. A 78.9 percent revenue drop suggests either displaced VIP activity to competitors or fundamental softening in high-roller demand across Manila’s market.
Okada Manila competes with established players and newer properties in the Philippine gaming landscape. Mass-market customers show more resilience, but VIP segments often determine profitability at integrated resorts. When VIP erodes that severely, margins suffer disproportionately regardless of mass-market hold.
Path Forward Requires Stabilization
Okada Manila’s 4Q25 results highlight the vulnerability of properties dependent on VIP performance. The property needs to stabilize high-roller traffic and spending while defending mass-market position. For Universal Entertainment, Okada Manila’s struggles compound challenges from flagging amusement machine sales, creating pressure on consolidated profitability. The question ahead is whether competitive conditions in Manila stabilize or continue deteriorating into 2026.
Source: GGR Asia
