Okada Manila 3Q EBITDA down 13pct despite mass gaming growth

Philippine casino resort Okada Manila recorded adjusted segmental earnings before interest, taxation, depreciation and amortisation (EBITDA) of PHP962 million (US$15.3 million) for the third quarter of 2026, down 13.0 percent from a year earlier. That was despite an increase in gross gaming revenue (GGR), according to preliminary results released on Wednesday. The property’s GGR rose 0.9 percent year-on-year to nearly PHP7.04 billion, supported by a 19.7-percent increase in mass-market table games revenue, which offset declines in the VIP and gaming machine segments. The figures were disclosed by Japan’s Universal Entertainment Corp, parent of Tiger Resort, Leisure and Entertainment Inc (TRLEI), the operator of Okada Manila. Total revenue for the three months to September 30 was flat year-on-year, at PHP7.84 billion. Mass-market table games revenue reached PHP3.01 billion in the third quarter of 2026, up from PHP2.51 billion a year earlier. The improvement was supported by a 5.4-percent increase in mass table drop, to PHP9.01 billion, as well as a higher win rate on live mass-market tables, at 32.2 percent compared with 28.4 percent a year earlier. VIP table games revenue declined 21.4 percent year-on-year to PHP1.15 billion. VIP rolling chip volume fell 27.7 percent to PHP29.41 billion, although the segment’s win rate improved to 3.9 percent from 3.6 percent. Gaming machine revenue was PHP2.88 billion, down 4.0 percent from a year earlier, despite a 5.6-percent increase in gaming machine handle. The gaming machine win rate declined to 5.1 percent, from 5.7 percent in the prior-year quarter. Non-gaming revenue, including hotel, food and drinks, retail and entertainment operations, declined 6.9 percent year-on-year, to PHP804 million. Okada Manila recorded a hotel occupancy rate of 95.0 percent during the quarter, compared with 86.9 percent a year earlier. The property welcomed approximately 1.45 million visitors during the quarter, an increase of 11.8 percent year-on-year. For the first nine months of 2026, Okada Manila generated GGR of PHP19.56 billion, down 10.6 percent from the prior-year period. The decline was mainly attributable to weaker VIP performance, with VIP table games revenue falling 35.1 percent year-on-year to PHP3.59 billion. In May, Universal Entertainment acknowledged that the gaming industry in the Philippines continued to “face structural headwinds”. Adjusted segmental EBITDA for the nine months to September 30 stood at just under PHP2.13 billion, down 47.4 percent from the prior-year period. Okada Manila announced recently that it will introduce Disney-themed offerings at the property starting from the fourth quarter this year.