Melco Resorts & Entertainment is evaluating potential online gaming operations at City of Dreams Manila, although no decision has been made, according to Seaport Research Partners.
The brokerage said an online offering could strengthen the integrated resort’s competitiveness, as several rival casino operators in the Philippines already run digital platforms alongside their land-based properties.
The comments followed a meeting between Melco management and Seaport during the brokerage’s 2026 Annual Summer Conference. Senior analyst Vitaly Umansky outlined the discussions in a report published Thursday.
City of Dreams Manila previously operated an online gaming program known as Live Shots.
The resort began offering live-dealer games online on August 10th, 2021, followed by online slot machines on September 15th, after receiving the required approvals from the Philippine Amusement and Gaming Corporation (PAGCOR).
The offering was available only to registered City of Dreams Manila patrons located within the Philippines. Melco said the program was shut down for maintenance on December 1st, 2021.
The company did not subsequently resume the service, and City of Dreams Manila was no longer operating an online gaming platform by July 2025.
Several competing Philippine integrated resorts, including Solaire Resort, Okada Manila and Newport World Resorts, have established online gaming operations targeting eligible domestic players.
PAGCOR has also reduced the share of online gaming revenue collected from operators. In January 2025, the regulator lowered the rate applied to e-games operated by integrated resorts to 25 percent, compared with 30 percent for other licensed e-game operators.
Sale remains possible at right valuation
Seaport said the outlook for City of Dreams Manila remained stable despite increasing competition in the Philippine gaming market.
The brokerage added that Melco could still consider divesting its interest in the property, but only at an acceptable valuation.
Melco ended a formal review of strategic alternatives for City of Dreams Manila earlier this year after concluding that the available options would not fully realize the property’s value.
The review was launched in February 2025 as part of the casino operator’s broader shift toward an asset-light strategy. Melco subsequently held discussions with potential buyers but did not complete a transaction.
