Okada Manila Reports PHP6.98 Billion GGR in Q3 2025 as VIP Revenue Falls

Okada Manila casino operations recorded PHP6.98 billion (about USD119.9 million) in gross gaming revenue for the third quarter of 2025, marking a 15.3 percent drop compared with the same period last year. The figure also reflected a modest 1.8 percent decline from the previous quarter, according to a filing from Tiger Resort, Leisure and Entertainment Inc., the property’s operator.

Good to Know

• VIP gaming revenue fell 40.8 percent year-on-year to just under PHP1.46 billion.
• Mass table play rose 2.3 percent to PHP2.51 billion in Q3.
• Non-gaming revenue stood at PHP864 million, down 7.4 percent from the same quarter last year.

The third-quarter results show diverging trends across Okada Manila’s gaming categories. VIP play saw the sharpest contraction, dropping nearly 41 percent compared with 2024. In contrast, mass-market table games posted a slight improvement, rising to PHP2.51 billion, while slot and electronic gaming revenue came in at PHP3.00 billion, reflecting a 9.2 percent decline.

Tiger Resort reported adjusted EBITDA of nearly PHP1.11 billion for the three months ending September 30 — a 2 percent increase from last year’s figure but 3.9 percent lower than the previous quarter. The company attributed the sequential dip to softer high-end play and a slower recovery in tourist-driven spend.

Nine-Month Snapshot

From January through September 2025, Okada Manila generated PHP21.88 billion in gross gaming revenue, also down 15.3 percent year-on-year. Over the same period, adjusted segmental EBITDA dropped 27.4 percent to PHP4.04 billion.

Despite the contraction in gaming revenue, Tiger Resort continues to focus on operational efficiency and non-gaming offerings, such as hospitality, retail, and entertainment. However, non-gaming revenue also slipped 7.4 percent year-on-year to PHP864 million during the third quarter.

Tiger Resort, Leisure and Entertainment Inc. is a subsidiary of Universal Entertainment Corp., the Japanese conglomerate behind the development of the Okada Manila integrated resort. The property remains one of the largest casino destinations in the Philippines, operating under a mix of VIP, mass, and electronic gaming segments.

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