Key Moments:
- Gross gaming revenue for the quarter reached PHP6.97 billion (US$120 million), down from PHP8.23 billion (US$141.72 million) in the prior year period
- VIP table revenue dropped to PHP1.46 billion (US$25.14 million), with rolling chip volume halving to PHP40.69 billion (US$699.26 million)
- Hotel occupancy rose slightly to 87 percent, and total property visitors increased to 1.41 million in the quarter
VIP Segment Continues to Lag
Okada Manila, operated by Universal Entertainment, has reported a significant downturn in its third-quarter financial performance, driven chiefly by a sharp slowdown in VIP gaming activity. The property’s gross gaming revenue (GGR) fell to PHP6.97 billion (US$120 million), compared with PHP8.23 billion (US$141.72 million) from the same quarter last year.
A stark contraction was seen in VIP table revenue, which recorded PHP1.46 billion (US$25.14 million), showing a steep year-on-year decline. Rolling chip volume, a key metric for this segment, also fell dramatically to PHP40.69 billion (US$699.26 million), down from PHP94.29 billion (US$1.62 billion) in the third quarter of 2024. This reduction in VIP activity was the principal contributor to the overall revenue drop.
Varied Results in Other Gaming Categories
Other parts of the gaming business demonstrated varied results for Okada Manila during the quarter. Gaming machine revenues fell to PHP3 billion (US$51.56 million), compared with PHP3.3 billion (US$56.71 million) in the year-ago period. In contrast, mass table gaming saw a modest gain, rising to PHP2.5 billion (US$43 million) versus PHP2.45 billion (US$42.2 million) reported for the same quarter in 2024.
While non-VIP gaming segments delivered some positive signs, the overall decline in VIP revenue had an outsized effect on the resort’s total gaming revenue, reflecting broader challenges in attracting and retaining high-value players within Manila’s casino market.
Hospitality Metrics Show Resilience
Despite the downturn in gaming, Okada Manila experienced some positive trends in its hospitality business. Hotel occupancy ticked up to 87 percent, while the total number of property visitors climbed to 1.41 million for the quarter. These figures suggest underlying stability or moderate growth in non-gaming aspects of the resort.
Future Outlook and Sector Challenges
The persistent weakness in VIP gaming continues to challenge the integrated resorts sector in Entertainment City, Manila, as regulatory changes and reduced activity from high-stakes international players take their toll.
Okada Manila’s third-quarter revenue performance highlights the volatility tied to the VIP segment and underscores the necessity for management to implement strategies aimed at diversifying and stabilizing revenue streams going forward.
Quarterly Segment Performance
| Segment | Q3 Current | Q3 Prior Year |
|---|---|---|
| Gross Gaming Revenue | PHP6.97 billion (US$120 million) | PHP8.23 billion (US$141.72 million) |
| VIP Table Revenue | PHP1.46 billion (US$25.14 million) | – |
| VIP Rolling Chip Volume | PHP40.69 billion (US$699.26 million) | PHP94.29 billion (US$1.62 billion) |
| Gaming Machine Revenue | PHP3 billion (US$51.56 million) | PHP3.3 billion (US$56.71 million) |
| Mass Table Games Revenue | PHP2.5 billion (US$43 million) | PHP2.45 billion (US$42.2 million) |
| Hotel Occupancy | 87% | – |
| Number of Visitors | 1.41 million | – |
- Author
Daniel Williams
