Okada Manila reports over 20% drop in GGR for Q2 2025
Okada Manila, one of the Philippines’ largest integrated resorts, has posted a sharp decline in second-quarter revenue, reflecting growing challenges in the regional 바카라 industry.
According to a filing by its operator, Tiger Resort, Leisure and Entertainment Inc., gross gaming revenue (GGR) for the period from April to June 2025 slumped to PHP7.10 billion (€107.2 million). Compared to the previous quarter, GGR also declined 9.1 percent, showing continued weakness in core gaming segments.
VIP games and slots to blame?
VIP gaming revenue for Q2 2025 stood at PHP 2.29 billion (€34.4 million), down 21.1 percent year-on-year (YoY), though it rose 29.4 percent quarter-on-quarter, hinting at a modest rebound in high-stakes play. In contrast, mass-market table revenue dropped 31.6 percent YoY to PHP 2.03 billion (€30.5 million), and fell 33.2 percent from Q1 2025.
Slot machines generated PHP 2.78 billion (€41.8 million), down 6.3 percent YoY and 7.0 percent quarter-on-quarter, indicating softness across volume-driven activity. Non-gaming income also contracted, falling 7.5 percent YoY to PHP 929 million (€14.0 million), while posting a 1.3 percent sequential decline.
The resort’s adjusted EBITDA for the quarter dropped 46.4 percent YoY, reaching just PHP1.15 billion (€17.4 million). Sequentially, EBITDA fell 35.4 percent, underlining margin pressures across the business.
Tiger Resort is a subsidiary of Japan’s Universal Entertainment Corp., which owns and manages Okada Manila. The first half of 2025 exhibited similar stress levels. GGR for January to June reached PHP14.91 billion (€225.0 million), marking a 15.4 percent drop YoY. H1 EBITDA also declined sharply to PHP2.93 billion (€44.2 million), down 34.6 percent YoY.
Continued volatility at Okada Manila
A look at Okada Manila’s five-year trajectory highlights the volatility in the post-pandemic 바카라 economy. In Q2 2021, the resort reported GGR of just PHP2.61 billion (€44.3 million) due to strict COVID-19 restrictions.
The following year, Q2 2022 saw GGR jump to PHP8.30 billion (€127.0 million)—a 217.2 percent increase. This recovery continued into 2023, when GGR reached PHP11.29 billion (€178.3 million), representing a 36.0 percent increase.
In Q2 2024, growth levelled off with PHP11.30 billion (€166.2 million), but the latest data from 2025 reflects a 37.2 percent YoY decline, the steepest since the pandemic recovery began.
Several factors, including declining domestic demand, intensified competition in Asia, and shifting consumer behavior, are cited by industry analysts as the reasons for the decline. Although the VIP market appeared to be rebounding, the machine play and larger mass market, which have historically been the main sources of income, continued to perform poorly.
Amid increasing pressure within both gaming and non-gaming sectors, analysts suggest that Okada Manila may need to pivot towards a broader range of entertainment offerings and enhance digital engagement to stabilize income in the medium term. Consequently, stakeholders are actively seeking opportunities to expand their presence further in online gaming.
