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.
