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Manila Bulletin devider Business devider The Stock Market devider Absence of Korean, Chinese tourists hits Okada Manila earnings hard

Absence of Korean, Chinese tourists hits Okada Manila earnings hard

Published Jul 16, 2025 02:00 pm
Japanese gaming firm Universal Entertainment Corporation reported on the performance of its Philippine unit that owns Okada Manila, providing a sneak peek into the continued struggle of the Philippine integrated resort business.
UEC said Okada Manila operator Tiger Resort, Leisure and Entertainment Inc. (TRLEI) reported a 35 percent drop in earnings before interest, taxes, depreciation, and amortization (EBITDA) to ₱2.93 billion in the first half of 2025 from ₱4.48 billion in the same period last year.
For the year-to-date results, TRLEI’s total revenue amounted to ₱16.78 billion, 14.34 percent lower than the ₱19.59 billion registered in the same period of 2024.
This is primarily due to a 15 percent decline in gross gaming revenues (GGR) to ₱14.91 billion in the first semester of the year, compared to ₱17.61 billion in the corresponding period of 2024.
At end-June, TRLEI’s GGR from VIP tables dropped to ₱4.07 billion from ₱5.49 billion, mass tables saw a revenue fall to ₱5.07 billion from ₱5.92 billion, while gaming machines registered a drop to ₱5.77 billion from ₱6.2 billion.
On the other hand, non-gaming revenues (which include hotel, food and beverage, and entertainment) dipped to ₱1.87 billion in the first semester of the year from ₱1.97 billion in the same period of 2025, despite an improvement in hotel occupancy and room revenues.
In the second quarter alone, TRLEI posted lower gross gaming revenue of ₱7.1 billion from ₱8.84 billion and non-gaming revenue of ₱929 million from ₱1.0 billion, and adjusted segment EBITDA of ₱1.15 billion from ₱2.15 billion.
“Okada posted its seventh straight quarterly decline in gross gaming revenues. Second quarter GGR settled at ₱7.1 billion, down nine percent quarter-on-quarter and nearly 20 percent lower year-on-year,” said Abacus Securities Corporation.
It noted that, “Worse, rolling chip volume declined 33 percent to ₱52.4 billion, probably reflecting the steep drop in Korean and Chinese tourists.
“Mass table drop (including online) likewise declined significantly by 35 percent YoY to ₱9.45 billion. Electronic gaming machines and slots were the most resilient falling ‘only’ 17 percent YoY.”
Abacus pointed out that, “the numbers bode ill for other integrated resorts in Entertainment City - Solaire, Newport and City of Dreams.”

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Tiger Resort Leisure and Entertainment Inc. Universal Entertainment Corporation Okada Manila
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