Okada Manila posted a 34% decline in gross gaming revenue for the fourth quarter of 2025, partly due to fewer VIPs from China and South Korea.
Okada Manila, the Philippines’ largest integrated resort, reported gross gaming revenue of PHP5.93 billion (US$99.7 million) for fourth-quarter 2025, down 34% year on year. Full-year GGR totalled PHP27.81 billion, a 20.1% drop.
Operator Tiger Resort, Leisure and Entertainment Inc posted the results in a regulatory filing on Wednesday. Adjusted segmental EBITDA came to PHP238 million for Q4, down 88.5%, and PHP4.27 billion for the year, a 44% decrease.
The drop-off was steepest in the VIP segment, which saw a 78.9% year-on-year decline to PHP667 million. But the mass-market segment was not exempt. Mass tables were down 10.8% to PHP2.28 billion. And gaming machine revenue fell 8.8% to PHP2.98 billion.
Suspension of e-visas precipitated decline
The decline has been linked to a tourism slump to the Philippines following the suspension of electronic visas. In August 2023, the government began issuing e-visas to Chinese nationals. It suspended the programme within months, however, amid an influx of illegal online gaming workers.
The e-visa programme resumed last November, but it will take time “to rebuild what has been lost”, Tourism Secretary Christina Frasco said last fall. “As we can see in the results of any marketing campaign, it’s a work of at least six months before you can see actual conversion.”
In 2025, Abacus Securities Corp told the Manila Bulletin that “anaemic” visitation from China and Korea “will continue to weigh on the VIP volumes of all integrated resorts”.
Okada Manila is part of the Entertainment City casino zone in the Philippines capital. It is accompanied in the district by Solaire and City of Dreams Manila. A fourth IR, Suntrust Westside City, was due to open in late 2025, but construction delays have pushed that debut to the third quarter of 2026.
Marjorie Preston
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