Significant EBITDA Decline in Q2 2026
Tiger Resort, Leisure and Entertainment, operator of Okada Manila, experienced a 71% decrease in adjusted EBITDA during the second quarter of fiscal year 2026, reaching PHP333 million ($5.4 million). This downturn was primarily driven by a substantial drop in VIP gaming wins, which more than halved according to early figures from Universal Entertainment Corporation, the parent company.
Decreasing Gross Gaming Revenue
Overall gaming revenue fell 14.6% to PHP6.06 billion ($98.5 million), leading to a total revenue dip of 13% to PHP6.99 billion ($113.5 million). VIP table game wins suffered a massive 56.2% decrease, down to PHP1 billion ($16.3 million). This was influenced by a 22.5% reduction in rolling chip volume and a decrease in the VIP win rate from 4.4% to 2.5%.
Industry-Wide Pressures
The performance challenges at Okada Manila are part of a broader trend impacting the Philippine casino sector. PAGCOR reported a 15.9% year-on-year decrease in industry-wide gross gaming revenue for the first quarter of 2026. Commercial casinos saw a 9.7% decline, and according to Maybank analysts, pressures like inflation and high utility costs are expected to continue.
Potential Future Impacts
PAGCOR’s Chairman, Alejandro Tengco, forecasts a potential 19% drop in the industry’s annual gross gaming revenue compared to 2025. Despite these hurdles, Okada Manila’s mass market segment showcased resilience, with mass table games and gaming machine revenues posting modest gains.
Resilience in Non-Gaming Sectors
Non-gaming income remained stable at PHP928 million ($15.1 million). Visitor numbers increased by 4.3% to 1.47 million, while hotel occupancy rose to 91.4%. Revenue per available room (RevPAR) also saw a boost of 9.4% to PHP9,242 ($150), highlighting areas of growth despite overall challenges.
Conclusion
While Okada Manila faces significant challenges due to a faltering VIP sector, its mass market and non-gaming segments offer a silver lining. As the property aims to stabilize, ongoing industry pressures will likely continue to shape its financial performance throughout 2026.