For full-year 2025, gross gaming revenue (GGR) at Okada Manila declined 20.1 percent year-on-year to PHP27.81 billion ($480.6 million), as the gaming market in Manila’s Entertainment City continued to undergo a prolonged correction, according to financial disclosures by its operator, Universal Entertainment Corp.
The Japan-listed company reported that adjusted segment EBITDA at the integrated resort fell 44 percent to PHP4.27 billion ($73.8 million), pointing to weaker operating performance amid softer market conditions. Total revenue at the property declined 18.6 percent to PHP31.68 billion ($547.6 million), weighed down by lower gaming volumes and reduced high-end play.
In its annual report, Okada Manila operator Universal Entertainment said industry-wide pressures continued to affect the property’s performance.
‘Amid a contraction in the overall market, Okada Manila’s performance fell below the previous year’s level due to factors including the temporary impact on visitor numbers from inclement weather and political instability’, the company said.
Data from the integrated resort segment showed continued weakness in the VIP market, alongside softer mass-market activity. VIP rolling chip volume and win both declined during the year, while mass table drop and gaming machine handle remained under pressure, reflecting reduced discretionary spending and cautious consumer sentiment.
Commenting on the outlook, the company said the Philippine gaming market is expected to become increasingly competitive.
‘Okada Manila will continue to focus on acquiring mass-market customers and aims to increase its customer base through its loyalty marketing program’, it said.
The company added that the resort ‘will promote collaboration with travel agencies and other partners across Asia to attract international customers’ and ‘establish marketing offices in key countries to build its international brand presence’.
In the non-gaming segment, the company said the Pearl Wing room renovation program progressed in 2025, with two additional floors scheduled for completion in 2026. Tablet upgrades and refreshed guest experience training programs are also planned to enhance in-room services.
Despite the revenue contraction, management said Okada Manila demonstrated resilience in customer engagement. New sign-ups for its Reward Circle loyalty program rose to 102,000 in 2025 from 79,000 a year earlier, representing growth of around 29 percent. Monthly unique active members increased by 0.8 percent, indicating relatively stable participation among core customers.
At the group level, Universal Entertainment reported consolidated net sales of JPY122.83 billion ($804.7 million) for fiscal year 2025, down 2.8 percent year-on-year. The company posted a net loss attributable to owners of the parent of JPY231.43 billion ($1.52 billion), compared with a net loss of JPY15.57 billion ($102 million) in 2024, primarily due to impairment losses related to Okada Manila.
Management said the impairment charges reflected a reassessment of asset values in light of weaker earnings prospects and the ongoing market correction in the Philippine gaming sector.
In addition to its integrated resort business, the group manufactures pachinko and pachislot machines and other amusement equipment, primarily for the Japanese market, where its amusement equipment segment delivered strong growth in 2025.
The stronger performance of the segment partly offset weakness in the Philippines. The amusement equipment division recorded net sales of JPY56.71 billion ($371.4 million) in fiscal year 2025, up 30.4 percent year-on-year, while operating profit rose 45.8 percent to JPY10.66 billion ($69.8 million).
Adjusted segment EBITDA increased 46.6 percent to JPY12.55 billion ($82.2 million), supported by higher unit sales and strong demand for smart pachislot and smart pachinko machines featuring new gameplay functions.
