Philippine integrated resort Okada Manila found some much needed improvement in the September 2026 quarter, with gross gaming revenue rising 0.9% year-on-year to Php7.04 billion (US$112 million). This was also 16.1% higher than the June quarter, when GGR came in at just Php6.06 billion (US$98.2 million).
The improved performance came despite ongoing challenges in the VIP segment, with 2Q26 VIP GGR falling yet again to Php1.15 billion (US$18.3 million), down 21.4% year-on-year.
Instead, it was mass table games that showed strong improvement with GGR up 19.7% year-on-year and 36.7% sequentially to Php3.01 billion (US$47.8 million). Gaming machine revenue was down slightly year-on-year but marginally up quarter-on-quarter to Php2.88 billion (US$45.7 million).
Non-gaming revenue fell 6.9 year-on-year to Php804 million (US$12.8 million).
According to information from Okada Manila’s operator, Tiger Resort, Leisure and Entertainment Inc (TRLEI), Adjusted EBITDA fell 13.0% to Php962 million (US$15.3 million) although this was almost triple the Php333 million (US$5.4 million) reported in Q2.
For the first nine months of 2026 combined, TRLEI has reported a 10.6% decline in GGR to Php19.6 billion (US$311 million) and a 2.2% fall in non-gaming revenue to Php2.68 billion (US$42.6 million) – despite property visitation at Okada Manila rising from 4.11 million to 4.33 million.
Okada Manila’s ultimate parent company, Japan’s Universal Entertainment Corp (UEC), previously pointed to increasingly intense competition among operators in the Manila market which it said is driving the cost of customer acquisition higher, while structural headwinds have impacted the VIP market for all Philippine operators.
UEC has stated its intention to focus on the mass market and its online gaming platform, OKADA PLAY, to help drive recovery.
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