Good Morning. Free fallin’. In 2025, Okada Manila experienced a 20.1% decline in gross gaming revenue to $480.6 million amid a prolonged market correction in Manila’s Entertainment City, with adjusted EBITDA dropping 44%. Meanwhile, Melco Resorts & Entertainment reports stable operations in Macau amid intense competition, with no plans to increase spending for market share improvement. At the same time, Mohegan reported a return to profitability in the last quarter of 2026 after completing its exit from South Korea, which helped it book $102 million.
What you need to know
- Okada Manila’s 2025 performance weakened as prolonged market correction and softer demand dragged GGR down 20.1%.
- Melco’s Macau operations “stable” but no expectations for increases amongst strong competition, say executives.
- Mohegan booked a $102 million gain linked to the disposal of its former Korean integrated resort operations.
On the radar
- Jefferies analysts cite Wynn optimism after lower 4Q25 profit margins.
- Melco shelves plans to divest interest in City of Dreams Manila.
- DigiPlus tops Philippines’ Growth Champions 2026 with 199.29% CAGR.
- Melco growth to continue in FY26–FY27 on strong Macau demand: CBRE.
AGB Intelligence
RESULTS
Okada Manila experiences significant EBITDA decline in 2025
Okada Manila witnessed a significant decline in gross gaming revenue (GGR), falling 20.1% year-on-year to $480.6 million, as the gaming market in Manila’s Entertainment City experienced a prolonged correction, according to Universal Entertainment Corp, the operator of the property. The company reported a 44% drop in adjusted segment EBITDA, totaling $73.8 million, reflecting weaker operating performance amid challenging market conditions. Total revenue also decreased by 18.6% to $547.6 million, impacted by lower gaming volumes and diminished high-end play.
Industry Updates
- GEG launches festive CNY initiatives to celebrate the Year of the Horse.
- Oddin.gg adds Maryland as its seventh licensed market in North America.
- DATA.BET partners with Kanggiten to deliver a full sportsbook solution.
INTELLIGENCE | ASEAN | CAREERS | EVENTS
