Good morning. When the high rollers leave the table, the house feels it. Okada Manila’s second-quarter adjusted EBITDA crashed 71 percent to $5.4 million as VIP win more than halved, dragging gaming and total revenue lower. Mass tables, slots and hotel performance offered some ballast, but they were nowhere near enough to offset the VIP collapse. Meanwhile, in Macau, investors are being told not to rush in: JP Morgan says a 25 percent sell-off has yet to create a compelling entry point, with weak revenue and earnings cuts likely to keep pressure on the sector.
What you need to know
- A shrinking VIP business and a 2.5 percent hold rate pushed Okada Manila’s 2Q26 EBITDA down 71 percent, mirroring wider Philippine woes.
- JP Morgan says Macau gaming stocks remain unattractive after a 25 percent sell-off, as weak revenue and earnings risks persist.
On the radar
- Light & Wonder holds FY26 AEBITDA growth outlook ahead of 2Q26 results.
- HKEX adds new resumption hurdles for Century Entertainment.
- DigiPlus joins Brazil’s responsible gaming institute IBJR.
- Macau proxy betting deal sours as agent keeps, then loses, client’s $64K.
- Thai police target World Cup betting ring with $30M monthly turnover.
AGB Intelligence
PHILIPPINES
Okada Manila GGR falls 14.6% in 2Q26 on VIP weakness
VIP weakness overwhelmed an otherwise steady quarter at Okada Manila, with adjusted EBITDA sinking 71 percent to $5.4 million in 2Q26. Rolling chip volume fell 22.5 percent to $660 million, and the property trimmed its average VIP table count to 73 from 87. In contrast, mass table win grew 8.5 percent, machine handle rose 8.8 percent, visitation climbed 4.3 percent to 1.47 million, and hotel occupancy reached 91.4 percent.
Industry Updates
- Galaxy Gaming names Anand Singh as its new Chief Technology Officer.
- Crypto casino slot activity analyzed in new 24-hour Spindex report.
- Setanta Bet expands Georgia offering via GR8_TECH sportsbook integration.
Corporate Spotlight
How Crypto Adoption in Asia is Changing iGaming Payments
Yevhen Krazhan, CSO at GR8 Tech, explores how surging crypto adoption across Asia is revolutionizing iGaming payments, stating: “When I look at what’s changing fastest in Asia, it’s payment behavior,” as wallets, stablecoins, and seamless cross-border transfers become deeply ingrained in player habits. The winning operators will be those that offer fast, reliable, and local deposits and withdrawals. To make sense of it, Yevhen breaks Asia into two crypto realities.
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