Okada Manila Q3 EBITDA Falls 13 Percent as Mass Gains Fail to Offset VIP Decline
Okada Manila posted a 13% drop in Q3 2026 adjusted EBITDA to US$15.3 million despite 0.9% GGR growth to PHP7.04 billion. Mass table revenue rose 19.7% but could not offset 21.4% VIP and 4% machine revenue declines. Nine-month EBITDA fell 47.4% amid acknowledged structural headwinds.
SCCG Take — Persistent VIP weakness underscores segment imbalance at Philippine integrated resorts, where mass gains and occupancy improvements have yet to stabilize earnings.
Okada Manila recorded adjusted segmental EBITDA of PHP962 million (US$15.3 million) for the third quarter of 2026. The result marked a 13 percent year-on-year decline despite a marginal rise in gross gaming revenue, according to GGRAsia.
Total revenue for the three months ended September 30 held steady at PHP7.84 billion. Japan’s Universal Entertainment Corp disclosed the preliminary figures as parent of the property’s operator.
Segment Performance in the Quarter
GGR increased 0.9 percent to nearly PHP7.04 billion. Mass-market table games revenue rose 19.7 percent to PHP3.01 billion, supported by a 5.4 percent lift in mass table drop to PHP9.01 billion and a win rate of 32.2 percent versus 28.4 percent a year earlier.
VIP table games revenue dropped 21.4 percent to PHP1.15 billion after rolling chip volume fell 27.7 percent to PHP29.41 billion, even as the win rate edged up to 3.9 percent from 3.6 percent. Gaming machine revenue eased 4.0 percent to PHP2.88 billion despite a 5.6 percent increase in handle, with the win rate declining to 5.1 percent from 5.7 percent.
Non-gaming revenue decreased 6.9 percent to PHP804 million. Hotel occupancy reached 95.0 percent, up from 86.9 percent, while the property drew approximately 1.45 million visitors, an 11.8 percent increase.
Nine-Month Results and Announced Initiatives
For the first nine months of 2026, GGR totaled PHP19.56 billion, down 10.6 percent from the prior-year period, driven primarily by a 35.1 percent decline in VIP table games revenue to PHP3.59 billion. Adjusted segmental EBITDA for the nine months stood at just under PHP2.13 billion, a drop of 47.4 percent.
Universal Entertainment acknowledged intensifying competition and structural headwinds in the Philippine casino market. Okada Manila plans to introduce Disney-themed hospitality offerings at the property starting from the fourth quarter this year.
Reporting: GGRAsia
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
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