Okada Manila GGR fell 20% in 2025 on weak VIP play

Philippines

Viviana Chan

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January 14, 2026

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Okada Manila GGR fell 20% in 2025 on weak VIP play

Okada Manila reported a year-on-year decline in gross gaming revenue (GGR) for fiscal year 2025, driven by a sharp contraction in VIP play, according to a preliminary results filing released on Wednesday.

The Manila integrated resort is operated by Tiger Resort, Leisure & Entertainment Inc. (TRLEI), a unit of Universal Entertainment Corp.

For FY25, Okada Manila generated GGR of PHP27.81 billion ($467 million), down 20.1 percent from the PHP34.82 billion ($584 million) recorded the previous year. The decline was driven primarily by weaker VIP table performance, partially offset by relatively stable mass-market and gaming machine revenue.

Looking specifically at the fourth quarter of 2025, GGR fell to PHP5.93 billion ($99.5 million), representing a 33.9 percent decrease from PHP8.98 billion ($151 million) in the same period a year earlier. The sharper drop reflects a significant slowdown in high-end play during the October-to-December period.

VIP table games were the main drag on performance

Full-year VIP GGR declined to PHP6.19 billion ($104 million) in 2025 from PHP11.11 billion ($186 million) in 2024, a year-on-year decline of around 44.3 percent. In the fourth quarter alone, VIP GGR fell to PHP667 million ($11.2 million), down nearly 78.9 percent from PHP3.15 billion ($52.9 million) a year earlier. The company also reported lower VIP rolling chip volume and a reduced win rate compared with the prior year, reflecting more cautious play by high-stakes customers.

Mass-market table games were comparatively resilient

Full-year mass-market GGR edged down to PHP9.86 billion ($165 million) from PHP10.94 billion ($184 million) in 2024, a decline of about 9.8 percent. In the fourth quarter, mass-market table GGR slipped to PHP2.28 billion ($38.3 million), down 10.8 percent year on year.

Gaming machines continued to provide a steady revenue base

Slot and electronic gaming machine GGR totaled PHP11.76 billion ($197 million) for the full year, down 8 percent from PHP12.78 billion ($214 million) in 2024. Fourth-quarter gaming machine GGR declined 8.7 percent year on year to PHP2.98 billion ($50.0 million).

Total revenue for 2025, including non-gaming segments such as hotel, food and beverage, retail, and entertainment, reached PHP31.69 billion ($532 million), while adjusted segment EBITDA fell to PHP4.27 billion ($71.7 million), reflecting the impact of lower gaming volumes, particularly in the VIP segment.

The legislator noted that “The proposed amendments will apply to both peso and foreign currency deposits, striking a balance between protecting individual privacy and strengthening the government’s capacity to detect and prosecute financial misconduct,” he stated, as cited by the Philippine News Agency.

In August of last year, the central bank mandated that all electronic wallets disconnect from online gambling sites, amid growing concerns over illegal online gambling operations in the nation. In a Senate committee hearing at the time, data presented indicated that there were nearly 12,000 illegal online gambling sites operating in the country, with nearly 6,400 being online casino games, 234 offshore sites and 4,815 e-sabong (online cockfighting) platforms.

The BSP has also imposed tighter regulations on online gambling payment service providers (PSPs) and implemented restrictions on fund transfers.

Cambodia strengthens foreign residency regulations to enhance tourism and investment

Cambodia

Nelson Moura

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January 14, 2026

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Cambodia strengthens foreign residency regulations to enhance tourism and investment

The Cambodian Ministry of Interior has directed the General Department of Immigration (GDI) to tighten oversight of foreign nationals’ residency in order to bolster national security and instill confidence among tourists and investors.

The announcement was made by Secretary of State Keat Chantharith during a conference in Phnom Penh, The Khmer Times reported.

The GDI reviewed its 2025 achievements and outlined strategic goals for 2026, emphasizing effective immigration management, border control, and law enforcement coordination. Chantharith commended GDI officials for their efforts in achieving positive outcomes over the past year.

The minister urged enhanced monitoring of foreigners and stricter entry and exit procedures to mitigate immigration-related crimes. Chantharith also called for improved management of foreign residences and regular inspections of locations suspected of harboring undocumented individuals.

Chantharith also encouraged legal foreign residents to promptly update their documents and warned of strict penalties for non-compliance. These measures are deemed vital for supporting Cambodia’s tourism policies and creating a stable environment to attract foreign investment, ultimately reinforcing confidence in the country’s economic prospects.

Tourism to Cambodia has fallen in recent months due to the ongoing clashes with Thailand and reputational damage suffered from scam centers operating within its borders. Illegal online gaming operations have reportedly been targets of Thai skirmishes, even as the nation has vowed to crackdown on fraud and online-gaming related hubs.

Vietnam Deputy PM calls for streamlined tourism measures to hit 25M target this year

Vietnam

Kelsey Wilhelm

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January 14, 2026

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Vietnam Deputy PM calls for streamlined tourism measures to hit 25M target this year

Vietnam’s Deputy Prime Minister has called on authorities to streamline e-visa issuances and other procedures to meet the nation’s goal of 25 million international visitors this year.

The call comes after Vietnam saw a record number of tourist arrivals in 2025, reaching 21.17 million, the first time the nation has surpassed the 21 million mark. Despite the 20.4 percent yearly increase in foreign arrivals, the figure still fell short of a previous goal of over 23 million tourists.

In a Tuesday meeting of the State Steering Committee for Tourism, Deputy PM Mai Van Chinh indicated that the nation needed to focus on high-spending, long-stay tourists, while also renewing its tourism promotion efforts to focus on new markets and premium visitors.

The use of AI was also requested for personalizing promotional content for target markets. Individual jurisdictions were encouraged to focus on their strengths, with a highlight on green and wellness tourism as well as golf.

Integrated resorts such as Hoiana are well positioned to take advantage of the focus on golf, as part of its $1 billion second phase investment will add another golf course to its portfolio. Aside from the second tee-off, Hoiana Resort & Golf – located in central Vietnam – is adding 198 beachfront villas, 1,000 five-star hotel rooms, a 2,500-capacity convention center and a family-focused retail and entertainment zone.

The property also aims to support Danang’s positioning as a regional high-end tourism resort destination – in line with the government’s objectives.

Last year, Vietnam’s primary tourism source market was China, with more than 5.28 million visitors – up by 41.3 percent yearly and about 91 percent of pre-pandemic levels.

South Korea ranked second, with 4.33 million tourists, while Taiwan contributed 1.23 million.

ELA Games recognized as a standout challenger at EGR Awards 2026

Europe

AGBrief Editorial

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January 14, 2026

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ELA Games recognized as a standout challenger at EGR Awards 2026

ELA Games has confirmed its shortlisting for the “European Casino Content Supplier – Under 5 Years” category at the EGR Europe Awards, a recognition the studio views as a key step in its rapid rise.

The Under 5 Years category was created to recognize the newer faces in the industry. Giving the stage to the studios that are bringing a refreshed energy to the market and proving they can deliver top-tier entertainment, even without decades of history behind them.

A highlight of the studio’s 2025 achievements, this nomination reflects a year of strategic expansion. ELA Games has successfully balanced creative innovation with the technical reliability required for regulated markets, securing certifications and launches across Europe and beyond.

The nomination acknowledges ELA Games’ ability to scale effectively while maintaining high content standards. By securing key partnerships with major operators including Betsson, Superbet, and ComeOn Group, the studio has expanded its active player base significantly. Part of this growth is demonstrated in the form of 16 new games launched in the last 12 months alone, bringing ELA Games’ diverse portfolio to over 50 games.

The studio continues to push boundaries with titles that resonate across different player demographics. From the strategic depth of the Winpot series to the fast-paced action of Shoot Happens, an innovative instant shooter. ELA Games is diversifying the traditional casino experience. These releases have delivered measurable success, with titles like Buffalo Force and Piñatas Festival shattering internal expectations immediately upon launch.

Commenting on the nomination, Marharyta Yerina, Managing Director at ELA Games, said: “Being shortlisted for the ‘Under 5 Years’ category of such a prestigious award is a powerful validation of our journey so far. It shows that a young studio can deliver the maturity, stability, and performance usually associated with long-standing giants. The award represents the original and visually rich content we offer the market, and we are thrilled to be recognised alongside the best in Europe.”

The initiative uses a daily-cap model. Users with 7-day turnover starting from 0 can participate, and each player has a daily eligible wagering cap. The next-day cap is updated based on the player’s current VIP level and their wagering over the previous seven days. The applicable cap and programme details (including the eligible BC Originals scope) can be viewed on the official activity page.

BC.GAME also states it has allocated a total of 1 billion tokens for distribution under the programme.

To illustrate how the calculation works, BC.GAME provides an example method: Tacoback ia approximately Wager x HE / BC token spot price (final settlement is based on the system). For instance, assuming a wager is 2,000 USDT, the HE at that moment is 2%, and the BC token price is 0.007, the illustrative result would be 2,000 x 2% / 0.007 is approximately 5,714.29 BC. This is only to demonstrate the calculation method; HE and token price vary by game and market conditions and should be taken from real-time data.

BC.GAME notes that wagering counted inside a player’s Zero Edge daily cap does not stack with other promotions/benefits or affiliate commission calculations. Once the daily cap is reached, further wagering reverts to the platform’s standard system for the rest of the UTC day.

BC token trading: in-platform and on-chain venues

BC.GAME says BC tokens can be traded within the platform. As an on-chain asset on Solana, BC can also be viewed and traded via public pages such as OKX Web3 and GMGN.

What’s next

Alongside Zero Edge, BC.GAME has also teased follow-on launches including “Bet Anything” synthetic markets, lower-barrier prediction-style products, and a “Trustless Trust” decentralized architecture.

The highlight will be an unprecedented blindfold exhibition match between Magnus Carlsen and Hikaru Nakamura, a historic encounter that has never before taken place. The spectacle will be brought to life by Levy Rozman, whose distinctive commentary style has made him the world’s most influential chess entertainer. His live play-by-play will guide the audience through the extraordinary challenge of seeing two of the greatest minds in chess compete without sight of the board.

Alongside the blindfold match, BETBY will also host a set of interactive exhibition games in which ICE delegates will have the rare chance to sit across the board from the global chess icons. These matches will blend high-level entertainment with genuine competitive insight, offering delegates a firsthand experience of elite decision-making under pressure.

The activation will further feature a fireside chat with Carlsen, Nakamura, and Rozman. In this informal, unscripted conversation, the trio will explore themes of strategic thinking, precision, mental discipline, and the evolution of chess as both a sport and a digital entertainment phenomenon. With Levy steering the discussion in his trademark energetic style, attendees can expect deep insights, unexpected moments, and plenty of personality.

These elements reinforce the significance of BETBY’s activation, which forms the centrepiece of the supplier’s global brand campaign with Magnus Carlsen, Leaders Choose Leaders. The campaign is built around the idea that true leaders seek out excellence, a message embodied in bringing together three of the most impactful figures in modern chess.

“We wanted to create something truly unforgettable for ICE Barcelona, and this lineup of events achieves exactly that,” said Pierre Pulis, Marketing Director at BETBY. “An exhibition blindfold match between Magnus and Hikaru is the kind of moment that you can hardly imagine seeing, and that’s exactly what we wanted to provide to ICE delegates. Coupled with Levy’s unmatched ability to bring emotion and clarity to the game, this will be a historic experience not just for chess fans, but for the entire iGaming community.”

The activation will take place at 12:00 pm on Day 2 (January 20th) at BETBY’s stand 5K20 in Fira Barcelona Gran Via.

BETBY invites all ICE delegates, chess enthusiasts, and industry professionals to witness this groundbreaking showcase, where elite talent, strategy, and entertainment converge.

Good Morning. Taxation with representation. Merely increasing taxes on the gambling industry does little to achieve policy goals, protect consumers, or maintain a healthy market, notes an expert. Making use of a simple economic model and truly understanding the dynamics and motivation behind wagering can help guide strong policy decisions that encourage sustainability while reducing gambling harm. Speaking of levies, Macau granted gaming operators a hefty rebate in 2024 as it encouraged expansion to international markets, aiming to diversify its clientele base under its new gaming legislation.

What you need to know

Taxation rates for gambling should be carefully calculated to protect consumers and reach policy goals, while ensuring a healthy market: analysis.
Macau’s six casino operators received $19.2 million in levy relief in 2024, tied to foreign visitor gaming revenue under the city’s revised gaming law.

On the radar

ICE arrests Imperial Pacific majority shareholder Lijie Cui.
Hoiana adding 1K new five-star hotel rooms amongst $1B expansion.
Andy Hendrickson elevated to Chief Product & Technology Officer at IGT.
SJM moves to lower near-term maturities with $170.1M note tender.
Galaxy announces salary increase for employees, effective April 1st.
Wynn Macau to raise eligible staff pay by up to 4.5 percent.
Melco announces April pay rise of 2-6.3 percent for eligible staff.
Drop in Suspicious Transaction Reports from Macau operators in 2025.

AGB Intelligence

TAXATION

GST, India, Online Gaming, Gambling Taxes

Finding the ideal gambling tax rate: analysis

There has been a recent push by governments worldwide to increase taxation rates on regulated gambling operators, which has been met with strong industry pushback. By making use of the Laffer Curve, consultant Martin Purbrick indicates that an ideal range can be found to achieve public policy, protect consumers, and encourage a healthy market, all while stamping out illegal operators.

Industry Updates

IGT showcases global gaming, digital and FinTech portfolio at ICE 2026.
Kambi Group releases 2025 Sports Betting Trends Report.
BMM brings Compliance, Cyber & Training to ICE Barcelona 2026.

INTELLIGENCE | ASEAN | CAREERS | EVENTS

Martin Storm, Chairman and Chief Executive Officer of BMM Innovation Group, said, “ICE Barcelona is one of the most important global events for the gaming industry and a great opportunity to connect with our customers and partners worldwide. Our goal is to be one trusted partner in every gaming market, delivering high-quality compliance testing, product certification, cybersecurity protection, and training solutions that support growth while protecting brands and players. Our role is to help the industry move forward with confidence.”

At ICE Barcelona, BMM Innovation Group will highlight its integrated global services, including product testing and certification through BMM Testlabs; cybersecurity services through BIG Cyber; and compliance-grade education through RG24seven Virtual Training. Company experts will discuss how BMM helps gaming organizations manage regulatory, technology, and risk challenges across land-based gaming, iGaming, sports betting, and emerging markets.

During ICE Barcelona, BMM Innovation Group experts will be available to discuss:

Product Compliance & Certification: Through BMM Testlabs, the world’s original independent gaming test lab with 45 years’ experience, BMM provides testing, quality assurance, certification, and onsite audits and inspections for any gaming product.

360-Degree Cybersecurity Protection: BMM Testlabs’ BIG Cyber delivers managed detection and response (MDR), penetration testing, vulnerability assessments, incident response, PCI:DSS evaluations, and cyber-risk management, helping gaming organizations protect systems, data, and regulatory trust – while ensuring business continuity.

Expert-Led Virtual Training and Positive Play: RG24seven Virtual Training will be featured at the Company’s stand alongside Better Change, its UK-based partner and the industry’s leading organization for promoting positive play. Together, they help gaming companies deliver compliance-ready online training, strengthen player protection, and meet responsible gambling requirements.

Book an In-Person Meeting with the BIG Group

To schedule an in-person meeting during ICE with any of the BIG Group companies, visit the Company’s World Tour webpage. To register for FREE access to the ICE exhibit halls courtesy of the BIG Group, click here.

Okada Manila reported a year-on-year decline in gross gaming revenue (GGR) for fiscal year 2025, driven by a sharp contraction in VIP play, according to a preliminary results filing released on Wednesday.

VIP table games were the main drag on performance

Mass-market table games were comparatively resilient

Gaming machines continued to provide a steady revenue base

Table of Contents

A Philippine lawmaker is pushing for amendments to the nation’s Bank Secrecy Law to curb illegal activities by improved oversight.

The Cambodian Ministry of Interior has directed the General Department of Immigration (GDI) to tighten oversight of foreign nationals’ residency in order to bolster national security and instill confidence among tourists and investors.

Vietnam’s Deputy Prime Minister has called on authorities to streamline e-visa issuances and other procedures to meet the nation’s goal of 25 million international visitors this year.

ELA Games has confirmed its shortlisting for the “European Casino Content Supplier – Under 5 Years” category at the EGR Europe Awards, a recognition the studio views as a key step in its rapid rise.

Table of Contents

BC.GAME has launched Zero Edge, an initiative that returns 100% of the House Edge (HE) on BC Originals titles via Tacoback, paid out in BC tokens.

Designed for most players

BC token trading: in-platform and on-chain venues

What’s next

Table of Contents

BETBY, the B2B sportsbook supplier, has unveiled further details of its landmark ICE Barcelona 2026 activation, building on what is set to become one of the most memorable activations at one of the world’s leading iGaming exhibitions.

Table of Contents

What you need to know

On the radar

TAXATION

Industry Updates

Table of Contents

United States Immigration and Customs Enforcement (ICE) has arrested Imperial Pacific International (IPI) majority shareholder Lijie Cui for alleged immigration violations.

Table of Contents

BMM Innovation Group (BMM), a global leader in compliance testing, cybersecurity, and training solutions for the regulated gaming industry, announced its participation at ICE Barcelona 2026, taking place January 19–21 at Fira Barcelona Gran Via.

During ICE Barcelona, BMM Innovation Group experts will be available to discuss:

Book an In-Person Meeting with the BIG Group

Table of Contents

ENQUIRIES & SUBSCRIPTIONS

CONTACTS