Okada Manila Q1 GGR Falls 17% As Market Pressure Continues

Okada Manila posted weaker first-quarter gaming revenue from a year earlier, while parent company Universal Entertainment Corp warned that the Philippine casino market remains under pressure.

Good to Know

• Okada Manila Q1 casino GGR fell 17.2% year-on-year to nearly PHP6.47 billion.
• VIP revenue dropped 19% after a lower win rate.
• Tiger Resort and PhilWeb have launched the Okada Play online gaming platform.

Online gaming now sits higher on the agenda for Okada Manila. Universal Entertainment said travel costs tied partly to the Middle East situation have made it harder for some guests to visit the property in person, so the group is focusing on Philippine online gaming services.

That comment came shortly before PhilWeb Corp confirmed the launch of Okada Play with Tiger Resort, Leisure and Entertainment Inc, the Universal Entertainment unit that operates Okada Manila.

VIP Weakness And Cost Pressure Hit First Quarter

Okada Manila generated casino GGR of just under PHP6.47 billion, or about $108.1 million, in the first three months of 2026. That was down 17.2% from a year earlier, although GGR rose 9.1% from the fourth quarter of 2025.

Universal Entertainment said:

“We recognise that the gaming market in Entertainment City, Manila, Philippines, remains in a period of adjustment,”

“Partly due to the situation in the Middle East, the market as a whole continues to contract.”

VIP revenue fell 19% year-on-year to about PHP1.44 billion, with Universal Entertainment pointing to a lower win rate. Mass-market table revenue dropped 24.2% to PHP2.30 billion, while gaming machine revenue declined 8.9% to PHP2.73 billion.

Competition for mass-market players has also become more expensive. Universal Entertainment said:

“Against the backdrop of structural changes in the VIP market, fierce competition with rivals to acquire mass-market customers continues, driving up customer acquisition costs,”

Still, the integrated resort segment stayed profitable. Universal Entertainment credited lower fixed costs, reduced selling, general and administrative expenses, lower depreciation after an asset revaluation in the prior fiscal year, and changes to the Okada Manila loyalty programme.

The company expects Philippine gaming competition to get tougher. It also said the Middle East impact could continue beyond the second quarter, leaving online casino growth as a more important route for Okada Manila in 2026.

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