Philippines integrated resort Okada Manila continued its recent slide in the December 2025 quarter, with gross gaming revenues falling further to a yearly low of Php5.93 billion (US$99.7 million), according to information from operator Tiger Resort, Leisure and Entertainment Inc (TRLEI).
The Q4 result was not only 34.0% lower than the same quarter in 2024 but was also the lowest of 2025, with GGR having now exhibited ongoing declines in each of the past four quarters. After reporting GGR of Php8.98 billion (US$151 million) in 4Q24, Okada Manila saw gaming revenues drop to Php7.81 billion (US$131 million) in 1Q25, then to Php7.10 billion (US$119 million) in Q2, Php6.98 billion (US$117 million) in Q3 before reaching Php5.93 billion in Q4.
The decline has been primarily felt in the VIP gaming segment. VIP GGR in 4Q25 plummeted to just Php667 million (US$11.2 million) – down 78.9% on the Php3.15 billion (US$52.9 million) reported a year earlier – while mass table games were down 10.8% to Php2.28 billion (US$38.3 million) and gaming machines down 8.8% to Php2.98 billion (US$50.1 million). Non-gaming revenue was down 5.3% year-on-year to Php1.14 billion (US$19.2 million).
Adjusted Property EBITDA also dropped by 88.5% to Php238 million (US$4.0 million).
For FY25, Okada Manila generated total GGR of Php27.8 billion (US$467 million), down 20.1% year-on-year, with VIP table games falling by 44.3% to Php6.19 billion (US$104 million). Mass table game GGR fell 9.8% to Php9.86 billion (US$166 million) and gaming machine GGR by 8.0% to Php11.8 billion (US$198 million). Adjusted Property EBITDA was down 44.0% to Php4.27 billion (US$71.8 million).
Manila’s integrated resort operators have been challenged by a significant drop in visitation from its two key source markets – South Korea and China – over the past year, while the ban on the offshore POGO industry has heavily impacted the VIP segment.
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