Okada Manila’s Revenue Decline Continues in Q1

Okada Manila’s first-quarter numbers underline how persistent the Manila integrated-resort correction remains.

• Gross gaming revenue fell 17.2% year-on-year in Q1
• VIP and mass-market segments both weakened amid broader industry correction
• Leadership changes hint at strategic shifts to stabilize revenue streams

Universal Entertainment said gross gaming revenue fell 17.2% year on year to PHP6.47 billion (US$108 million) in the three months to March 31. Whilst adjusted segment EBITDA slid 53.3% to PHP830 million (US$13.9 million) according to Asia Gaming Brief. 

The decline was across the board, with VIP, mass tables and gaming machines all weaker with declines of 19%, 24.2% and 8.9% respectively. This was even as visitor traffic held broadly steady compared to the same period last year.

Segment Pressure Persists

According to the company’s preliminary filing, the property’s problem was not footfall but spend. VIP rolling chip turnover weakened, and the VIP win rate fell to 2.5% from 3.3% a year earlier. Non-gaming revenue was almost unchanged at PHP944 million (US$15.8 million), helped by hotel and ancillary income.

 That fits with Universal’s year-end commentary in February, when it said the market was still facing “ongoing correction” and warned that competition in the Philippine gaming market would intensify.

Revenue Decline Continues

In Q4 of 2025, Okada Manila reported a gross gaming revenue decline of 34% year-on-year to PHP5.93 billion (US$99.7 million). This left full-year GGR at PHP27.81 billion, a 20.1% decline. 

Adjusted segmental EBITDA plunged 88.5% in Q4 to PHP238 million and 44% for the year to PHP4.27 billion, driven chiefly by a 78.9% collapse in VIP revenue to PHP667 million. The latest quarterly slide also comes after a leadership transition at Okada Manila, with long-time president and COO Byron Yip leaving and Nobuki Sato stepping in from Universal’s parent group.