Okada Manila has seen visitor numbers recover in recent years, but higher footfall has not translated into stronger revenue per visitor, according to a Shared Research report on Universal Entertainment.
The report noted that the Philippine integrated resort recorded 5.78 million visitors in the year ended December 31st, 2025, up from 4.35 million in 2022. However, revenue per visitor fell from about JPY21,000 ($130) in 2022 to around JPY13,000 ($80) in 2025, based on an exchange rate of JPY161.57 to the US dollar.
Shared Research said this reflected a recent trend in which visitor growth at Okada Manila does not necessarily lead to higher revenue. Over the period, the resort recorded average annual visitor growth of 9.9 percent, while revenue per visitor declined at an average annual rate of 13.8 percent.
The trend comes as Universal continues to face pressure at the property. In its first-quarter 2026 results, the Japanese group said Okada Manila’s performance remained affected by intensifying competition in the Philippine gaming market, structural changes in the VIP segment, weaker mass-market performance and rising customer acquisition costs.
Universal’s Integrated Resort business generated net sales of JPY15.44 billion ($95.6 million) in the three months ended March 31st, down 16.0 percent year-on-year. Operating profit fell 92.8 percent to JPY23 million ($142,000), while adjusted segment EBITDA declined 55.7 percent to JPY2.04 billion ($12.6 million).
Universal said quarterly results improved from the previous quarter following measures including an overhaul of Okada Manila’s loyalty program, although they remained below the prior-year period.
Gaming remains the main revenue driver for the property. In the year ended December 31st, 2025, gaming revenue accounted for 87.8 percent of Okada Manila’s segment revenue, with mass-market customers contributing 68.2 percent and VIP customers accounting for 19.5 percent. Non-gaming revenue represented 12.2 percent of the total, although Shared Research noted that its share has been gradually increasing.
The report said Universal continues to focus on attracting mass-market customers at Okada Manila and expanding its customer base through loyalty marketing.
