The Philippine gaming industry is facing unprecedented challenges. In the first half of 2025, Belle Corp, a real estate giant, saw its gaming revenue from Manila's "City of Dreams" sharply decrease by 18% year-on-year, amounting to only 772.3 million pesos (approximately 13.5 million USD), reflecting the severe impact of government tightening policies and a sharp decrease in international tourists on the industry.
Belle is a partner of Melco Resorts & Entertainment in the "City of Dreams," owning the resort land. The gaming revenue's share of the group's total revenue has decreased from 34% last year to 31%. Although the rent income from leasing land slightly increased by 1% year-on-year to 1.18 billion pesos, accounting for 48%, it still cannot offset the overall downward trend. Belle's total revenue in the first half of the year decreased by 10% year-on-year to 2.47 billion pesos, and net profit also fell by 9% to 801 million pesos.
A similar predicament has also occurred at Okada Manila Casino. Its gaming revenue in the second quarter of 2025 decreased by 9.1% year-on-year to 125 million USD. Analysts believe that the continuous crackdown on POGO by the Philippine government, coupled with the sharp decrease in tourists from China and Korea, directly impacts the core revenue sources of high-end VIP rooms and gaming complexes, generally increasing operational pressure across the industry.
