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Okada Manila, the integrated resort operated by Universal Entertainment, posted its notable third-quarter revenue decline as VIP gaming continued to slow down. The integrated resort’s gross gaming revenue (GGR) for the quarter was at PHP6.97 billion (US$120 million), a decrease from PHP8.23 billion (US$141.72 million) reported in the same period last year
VIP Segment in the Slump
One of the major reasons why the revenue declined came from the VIP segment. The VIP table revenue sharply fell to PHP1.46 billion (US$25.14 million), showing a significant drop from last year’s numbers. The downtrend in VIP play had a huge impact on the resort’s overall gaming revenue.
Rolling chip volume, a key performance indicator of VIP play, fell by half over the quarter to PHP40.69 billion ($699.26 million) from PHP94.29 billion ($1.62 billion) for the third quarter of 2024. Reduction in rolling chips directly resulted from the decline in VIP revenue and contributed primarily to the overall revenue reduction.
Mixed Performance Across Other Gaming Segments
Other gaming segments at Okada Manila had mixed performances in the quarter. Gaming machine revenues dipped to PHP3 billion ($51.56 million) from PHP3.3 billion ($56.71 million) year-on-year. Mass table games did, however, register a slight improvement to PHP2.5 billion ($43 million) from PHP2.45 billion ($42.2 million) in the same quarter of 2024.
Even while other aspects of the business were improving, though, the slowing in VIP gaming stretched overall gaming revenue, which is a reason for the larger problems the Manila casino sector has with its high-roller patrons.
Betterment of Hotel Occupancy and Number of Visitors
Beyond gaming, Okada Manila experienced some strength in the hospitality front. Hotel occupancy increased marginally to 87 percent in the quarter. Additionally, total property visitors increased to 1.41 million, which reflected stable traffic even in the midst of declines in Okada’s gaming revenues.
These statistics indicate that although the gaming segment is pressured, other sides of the resort’s business remain relatively steady or display moderate growth.
Challenges and Outlook
The decline in VIP gaming has been a recurring problem for integrated resorts in Entertainment City, Manila. This is amplified by regulatory shifts and the lowered visibility of high-stakes foreign customers in the market.
Okada Manila’s third-quarter 2025 revenue drop gives evidence to the volatility of the VIP gaming business and the challenge of having stable revenue flows from this sector. The management of the resort will have to strategically plan in order to deal with such market conditions and work towards recovery in future periods.
Source: Asia Gaming Brief (AGB)
