Okada Manila GGR falls 17.2% in 1Q26 as Entertainment City correction persists

Gross gaming revenue (GGR) at Okada Manila declined 17.2 percent year-on-year in the first quarter of 2026, reflecting continued market pressure in Manila’s Entertainment City, according to preliminary results released by operator Universal Entertainment Corp.

The integrated resort, operated by Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), reported GGR of PHP6.47 billion ($108.1 million) for the three months to March 31st, down from PHP7.81 billion ($130.5 million) a year earlier. Total revenue fell 15.3 percent to PHP7.41 billion ($123.8 million), while adjusted segment EBITDA dropped 53.3 percent to PHP830 million ($13.9 million), indicating margin pressure amid softer gaming volumes.

The decline was broad-based across gaming segments. VIP table games revenue fell 19.0 percent year-on-year to PHP1.44 billion ($24.0 million), while mass table games revenue decreased 24.2 percent to PHP2.30 billion ($38.5 million). Gaming machine revenue proved more resilient, declining 8.9 percent to PHP2.73 billion ($45.6 million).

Operational data showed weaker volumes across key segments. VIP rolling chip turnover declined significantly alongside a lower win rate of 2.5 percent, down from 3.3 percent a year earlier. Mass table drop also softened, although win rates remained relatively stable across both live and online channels.

Non-gaming revenue remained broadly flat at PHP944 million ($15.8 million), supported by stable hotel and ancillary operations. Hotel performance showed mixed trends, with average daily room rate rising slightly to PHP10,138, while occupancy eased to 83.9 percent from 85.2 percent a year earlier. Revenue per available room (RevPAR) also edged lower to PHP8,502.

Visitor traffic remained relatively stable at 1.41 million for the quarter, compared with 1.40 million in the same period last year, suggesting that the revenue decline was driven more by weaker spend and gaming activity rather than a significant drop in footfall.

The results come as Manila’s integrated resort market faces ongoing headwinds, with pressure on key customer segments and softer demand conditions weighing on gaming performance, particularly in the VIP segment.