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.
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Written by
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.
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