Okada Manila Q3 EBITDA Falls 13% Despite Higher Attendance

Okada Manila welcomed 11.8% more visitors in the third quarter of 2026, but adjusted segmental EBITDA fell 13% to PHP962 million, approximately $15.3 million.

Good To Know

• Hotel occupancy reached 95%, up from 86.9% a year earlier.
• Mass table revenue increased 19.7%, while VIP revenue fell 21.4%.
• Total quarterly revenue stayed flat at PHP7.84 billion.

More Visitors Bring Limited Revenue Growth

Higher attendance did not translate into stronger non-gaming sales. Okada Manila received approximately 1.45 million visitors, yet revenue from hotels, food and drinks, retail and entertainment declined 6.9% to PHP804 million.

The preliminary figures from Universal Entertainment Corp, parent of operator Tiger Resort, Leisure and Entertainment Inc (TRLEI), show adjusted EBITDA equivalent to roughly 12.3% of total revenue.

VIP weakness also continued beyond the quarter. Over the first nine months, VIP table revenue dropped 35.1% to PHP3.59 billion, helping pull overall gaming revenue down 10.6% to PHP19.56 billion. Nine-month adjusted EBITDA fell 47.4% to just under PHP2.13 billion.

However, quarterly mass table performance offered some relief. Revenue reached PHP3.01 billion as table drop increased 5.4% and the win rate improved to 32.2% from 28.4%.

That growth helped lift third-quarter gross gaming revenue by 0.9% to nearly PHP7.04 billion. VIP revenue fell to PHP1.15 billion, while gaming machine revenue declined 4% to PHP2.88 billion despite higher betting volume.

The machine results illustrate how wagering activity and revenue can differ: handle increased 5.6%, but the lower win rate reduced casino takings.

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