Adjusted segment EBITDA at Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), operator of Okada Manila, plunged 71 percent year-on-year to PHP333 million ($5.4 million) in the second quarter of fiscal year 2026, as VIP gaming win fell by more than half, according to preliminary results released by parent Universal Entertainment Corporation on July 14th.
Gross gaming revenue for the quarter dropped 14.6 percent to PHP6.06 billion ($98.5 million), while total revenue fell 13 percent to PHP6.99 billion ($113.5 million). VIP table games win collapsed 56.2 percent to PHP1 billion ($16.3 million), from PHP2.29 billion ($37.2 million) a year earlier.
The VIP segment was hit on two fronts. Rolling chip volume declined 22.5 percent to PHP40.6 billion ($660 million), while the VIP win rate fell to 2.5 percent from 4.4 percent in the prior-year quarter. The property also reduced its average VIP table count to 73, from 87 a year earlier.
The weakness mirrors broader pressure on Philippine land-based casinos this year. Industry-wide gross gaming revenue fell 15.9 percent year-on-year to PHP87.6 billion ($1.42 billion) in the first quarter of 2026, with licensed commercial casinos down 9.7 percent, according to regulator PAGCOR.
Maybank analysts cautioned in a June memo that physical casinos would remain under pressure through the second half, citing inflation, elevated utility costs squeezing household budgets, and the continued absence of VIP high-rollers as tourism recovers more slowly than expected. PAGCOR Chairman and CEO Alejandro Tengco has warned full-year industry GGR could fall by as much as 19 percent from 2025’s PHP396.14 billion.
Despite this, Okada Manila’s mass market continued to grow. Mass table games win rose 8.5 percent to PHP2.2 billion ($35.8 million), while gaming machine win edged up 2.7 percent to PHP2.86 billion ($46.4 million) on an 8.8 percent increase in handle.
Non-gaming revenue was steady at PHP928 million ($15.1 million). Property visitation rose 4.3 percent to 1.47 million, hotel occupancy climbed to 91.4 percent, and RevPAR increased 9.4 percent to PHP9,242 ($150).
For the first six months, total revenue declined 14.2 percent to PHP14.4 billion ($234 million), and adjusted segment EBITDA fell 60.3 percent to PHP1.16 billion ($18.9 million). Universal Entertainment noted the figures are preliminary and subject to change.
