Entertainment City resort Okada Manila saw its gross gaming revenues decline by 11.1% to Php7.81 billion (US$137 million) in the three months to 31 March 2025, with the VIP segment continuing its recent downturn.
The 1Q25 GGR result was also 13.0% lower than the December quarter, when gaming revenues reached Php8.98 billion (US$153 million).
According to information from parent company Universal Entertainment Corp, VIP GGR fell by 31.5% year-on-year and 43.8% sequentially to Php1.77 billion (US$31.0 million) in Q1 – a stark contrast to mass table GGR which saw a 2.8% year-on-year increase to Php3.04 billion (US$53.3 million). Gaming machines declined by 7.5% to Php2.99 billion (US$52.4 million), while non-gaming revenue fell by 3.1% to Php941 million (US$16.5 million).
Adjusted Segment EBITDA of Php1.78 billion (US$31.2 million) was down 23.8% year-on-year.
Okada Manila’s 1Q25 results reflect an ongoing decline in the VIP segment, which IAG recently noted was largely linked to the fall of the offshore gaming or POGO industry.
Notably, the property saw only a minor decline in hotel occupancy in the quarter – down from 83.2% to 82.9% – and in visitation with 1,396,627 property visitors compared with 1,455,872 a year earlier.
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