Philippines' largest integrated resort Okada Manila faced a severe hit in its Q4 2025 performance, with gross gaming revenue (GGR) plummeting by 34% year-over-year, and the annual performance also declined by 20.1%. This downturn was primarily due to a sharp decrease in VIP guests from China and Korea, with the fluctuating e-visa policy being a core factor. Related dynamics of the Philippine gaming industry can be referenced on the PASA official website.
Performance Overview: Decline in both Q4 and Annual Revenue
According to regulatory filings by the operator Tiger Resort Leisure and Entertainment, Okada Manila's Q4 2025 gross gaming revenue was PHP 59.3 billion (approximately USD 997 million), a significant drop of 34% from the same period last year.
For the full year, the company's gross gaming revenue totaled PHP 278.1 billion, down 20.1% year-over-year; adjusted sector EBITDA performed even worse, with Q4 at only PHP 2.38 billion (down 88.5% year-over-year), and the annual figure dropped to PHP 42.7 billion (down 44%), severely impacting profitability.
Core Cause: Fluctuations in E-Visa Policy Impacting Customer Base
The key reason for the decline in performance is the significant reduction in high-end tourists from China and Korea, directly related to the fluctuations in the Philippines' e-visa policy:
In August 2023, the Philippines introduced an e-visa policy for Chinese citizens, but it was urgently suspended a few months later due to the influx of illegal online gambling operators;
Although the e-visa was reinstated in November 2024, Tourism Minister Christina Frasco admitted that it would take at least six months to recover the customer base, "the previous losses are hard to quickly compensate for";
Abacus Securities pointed out that the "weak" trend of Chinese and Korean tourists will continue to affect the VIP business volume of all integrated resorts in the Philippines.
Business Segmentation: VIP Rooms Severely Hit, Mass Market Under Pressure
Among the business segments, the VIP room business was the most severely impacted, with Q4 revenue plummeting by 78.9% to PHP 6.67 billion, severely weakened.
The mass market was not spared either: mass table game revenue fell by 10.8% to PHP 22.8 billion; slot machine revenue decreased by 8.8% to PHP 29.8 billion. The mass market, which had been highly anticipated, failed to offset the downturn in VIP rooms, becoming another driver behind the decline in performance.
Market Environment: Competition in Entertainment City and Delay in New Venue Opening
Okada Manila, located in Manila's Entertainment City, currently faces stiff competition from Solaire and City of Dreams Manila.
The fourth integrated resort, Suntrust Westside City, originally planned to open at the end of 2025, has been postponed to the third quarter of 2026 due to construction delays. Although this temporarily eases competitive pressure, it also reflects a slowdown in the regional market's recovery pace, adding more uncertainty to Okada Manila's performance recovery.
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