Steady EBITDA performance emerged even though total revenue and the VIP segment shrank.

Key Points

• Total revenue went down by 14.5% year on year to PHP 7.84bn.
• VIP table revenue saw a drop of 40.8% to hit PHP 1.46bn which while at the same time mass gaming saw an increase of 2.3% to reach PHP 2.51bn.
• Adjusted EBITDA edged up to PHP 1.11bn, gaining 2% over the previous year.

Okada Manila Reports 14.5% Revenue Decline in Q3 FY2025

Universal Entertainment Corporation owns Tiger Resort, Leisure and Entertainment (TRLEI) which operates Okada Manila. Total revenue reached PHP 7.84bn ($135.04m) for the fiscal year 2025’s third quarter. Year-on-year decline measured 14.5% from PHP 9.16bn. Preliminary filing data reveals gross gaming revenue totalled PHP 6.98bn, declining 15.2%. Lower VIP activity caused most damage. Mass table games plus machine play held firm.

Sharp drops hit VIP table revenue at 40.8%, ending at PHP 1.46bn. Mass table games earned PHP 2.51bn, improving 2.3%. Gaming machine revenue dipped 9.2% reaching PHP 3.00bn. Results demonstrate Okada Manila’s gaming mix rebalancing toward mass market players. Mass segments remain stable despite macroeconomic uncertainty and regional competition. Non-gaming revenues also saw a decline of 7.4% to PHP 864M.

Leadership Transition and Strategic Focus on Digital Integration

Adjusted EBITDA for that segment grew 2% to PHP 1.11bn despite a revenue decline. We saw results of cost efficiency measures and strong operating discipline. Quarterly depreciation was at PHP 1.56bn. Last year, we saw PHP 1.46bn. For the first nine months of fiscal year 2025, TRLEI reported a total revenue of PHP 24.62bn. We saw gross gaming revenue of PHP 21.88bn and adjusted EBITDA at PHP 4.04bn. Okada Manila reports stable visitation in gaming and non-gaming areas, which is a contrast to weak performance in the VIP sector.

Updated digital and hospitality offerings should sustain revenue momentum entering the fiscal year’s final quarter, according to company expectations. Byron Yip handed over to Nobuki Sato as President and COO in September. Okada Manila now focuses on operational efficiency and digital integration initiatives guided by Universal Entertainment. Forbes awarded the resort 5-Star recognition for six consecutive years in the first half. Digital and loyalty programme capabilities expanded alongside rising domestic tourism.