In the first quarter of 2025, the total gaming revenue of Okada Manila, a comprehensive resort in Entertainment City, Manila, Philippines, recorded 7.81 billion pesos (approximately 137 million US dollars), a year-on-year decline of 11.1% and a decrease of 13% from the previous quarter (8.98 billion pesos). This decline was mainly due to the continued weakness of the VIP gaming business.
Segmented Business Performance
VIP Gaming: Revenue plummeted by 31.5% year-on-year and dropped sharply by 43.8% quarter-on-quarter, contributing only 1.77 billion pesos (approximately 31 million US dollars), becoming the main drag on overall performance.
Mass Table Games: Performed relatively stable, with a year-on-year increase of 2.8%, reaching 3.04 billion pesos (approximately 53.3 million US dollars).
Gaming Machines: Revenue fell by 7.5% year-on-year to 2.99 billion pesos (approximately 52.4 million US dollars).
Non-Gaming Business: Slightly declined by 3.1%, recording 941 million pesos (approximately 16.5 million US dollars).
Profitability Metrics Under Pressure
The adjusted EBITDA was 1.78 billion pesos (approximately 31.2 million US dollars), a year-on-year decrease of 23.8%, reflecting the direct impact of the shrinkage in VIP business on profits.
Industry Background and Market Trends
The performance decline of Okada Manila is closely related to the downturn of the Philippine Offshore Gaming Operators (POGO) industry. As the Philippine government gradually bans POGO operations, the VIP market reliant on high-end gamblers continues to shrink.
However, the resort's hotel occupancy rate remains relatively high, slightly dropping from 83.2% to 82.9%; the total number of visitors was 1,396,627, slightly lower than the same period last year's 1,455,872.
Outlook
Although the VIP market still faces challenges, the stable performance of the mass table games and the relative resilience of non-gaming revenue may become the focus of Okada Manila's future strategic adjustments.
As the Philippine gaming industry transitions towards online gaming (eGames) and the mass market, the integrated resort may need to further optimize its business structure to adapt to market changes.
