Okada Manila, a comprehensive resort in the Philippines, continues to face escalating operational pressures into 2025, with the latest data disclosed by TRLEI showing that its gaming revenue in the fourth quarter hit the lowest of the year, a plight that has also been reported on the PASA official website. A thorough cleanup of the POGO industry has become a key influencing factor, compounded by fluctuations in the source markets, posing severe challenges to the resort's performance.
Revenue Trend: Four Consecutive Quarters of Decline, Q4 Hits Rock Bottom
The decline in gaming revenue at Okada Manila is not accidental, but shows a continuous worsening trend. While still recording a high of 89.8 billion pesos in the fourth quarter of 2024, it has been downhill since then: dropping to 78.1 billion pesos in the first quarter of 2025, falling further to 71 billion pesos in the second quarter, slightly dipping to 69.8 billion pesos in the third quarter, and finally plummeting below the 60 billion peso mark in the fourth quarter.
Even more distressing is that the total gaming revenue in the fourth quarter was only 59.3 billion pesos (about 997 million USD), a sharp decline of 34% year-over-year, making it the worst performance of the year. Over the full year, the total gaming revenue for the fiscal year 2025 was about 278 billion pesos, also down 20.1% year-over-year, clearly under significant performance pressure.
Business Diversification: VIP Rooms Experience a "Cliff-like" Drop, Mass Business Relatively Stable
Among various businesses, the decline in VIP gaming was the most severe, akin to an "emergency brake". The gaming revenue from VIP rooms in the fourth quarter was only 6.67 billion pesos, a near 79% plunge year-over-year, a stark contrast to the 31 billion pesos in the same period last year.
In comparison, the performance of mass table games and electronic gaming machines was more stable, with relatively mild declines: mass table games down 10.8% year-over-year, and electronic gaming machines down 8.8%. Even so, the decline in these two businesses still added frost to the overall performance, failing to provide effective support.
Profit Pressure: Non-Gaming Business Also Declines, EBITDA Nearly "Halved"
In addition to the core gaming business, non-gaming businesses were not spared either. In the fourth quarter of 2025, revenue from dining, retail, and entertainment-related activities fell by 5.3% year-over-year to 11.4 billion pesos, failing to show the buffering effect of diversified revenue.
The pressure on profitability was even more direct, with adjusted property EBITDA at only 2.38 billion pesos, nearly a 90% contraction year-over-year, almost "flying close to the ground". Over the full year, adjusted EBITDA also fell in sync by 44%, dropping to 42.7 billion pesos, significantly weakening profitability.
Core Causes: POGO Exit + Decrease in Source Markets, a Double Blow Hard to Counter
It is widely believed within the industry that the predicament of Okada Manila is a microcosm under the broader industry environment. The core reasons are mainly two-fold:
The comprehensive cleanup of the offshore gaming (POGO) industry in the Philippines directly weakened the activity of the high-end VIP clientele, continuously impacting the VIP business, which is also the key driver behind the plummeting revenue from VIP rooms.
The significant reduction in visitor numbers from core source markets such as South Korea and China led to insufficient overall customer flow, lacking sufficient consumption support for both gaming and non-gaming businesses.
With multiple factors overlapping, Okada Manila still faces significant challenges in the short term. The market continues to watch how it will stabilize its base and reshape its customer structure.
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This article is from "PASA-Global iGaming Leader" gambling news channel:https://t.me/pasa_news
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