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Manila Bulletin devider Business devider The Stock Market devider Visitor drought hits Okada Manila leading to double-digit revenue drop

Visitor drought hits Okada Manila leading to double-digit revenue drop

Published Oct 14, 2025 05:00 pm  |  Updated Oct 14, 2025 04:06 pm
Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the owner of the integrated resort Okada Manila, reported a decline in both earnings and revenues for the first nine months of 2025, as property visitors continued to decrease.
In a regulatory filing, it was reported that TRLEI’s earnings before interest, taxes, depreciation, and amortization dropped 27 percent to ₱4.06 billion in the first nine months of the year from ₱5.56 billion in the same period of 2024.
Total revenues dropped 14 percent to ₱24.62 billion in the first three quarters of 2025 from ₱28.75 billion in the comparative period last year.
Prior to the release of TRLEI’s third-quarter report, Abacus Securities Corp. stated that Okada Manila’s numbers will be indicative of the performance of publicly listed firms that own integrated resorts.
“To reiterate, Chinese and Korean tourist arrivals remain anemic with year-to-date declines of 22 percent and 20 percent, respectively. This will continue to weigh on the VIP volumes of all integrated resorts,” the brokerage said.
TRLEI said Okada Manila’s gross gaming revenues (GGR) declined 15 percent to ₱21.88 billion from ₱25.84 billion as while non-gaming revenues dipped six percent to ₱2.74 billion from ₱2.91 billion.
VIP table games generated revenues of ₱5.52 billion, a 30 percent fall from the ₱7.95 billion posted in the first nine months of 2024.
Mass table games’ GGR was 10 percent lower at ₱7.58 billion from ₱8.38 billion while gaming machines’ GGR declined by eight percent to ₱8.78 billion from ₱9.51 billion.
For the nine-month period, visitors to Okada Manila dropped to 4.11 million from 4.32 million, although the hotel occupancy rate increased to 85.2 percent from 82.9 percent last year. The average room rate was also higher at ₱10,028 from ₱9.961.
For the third quarter alone, TRLEI posted total revenue amounting to ₱7.84 billion, consisting of gross gaming revenue of ₱6.98 billion and non-gaming revenue of ₱864 million.
Adjusted segment EBITDA amounted to ₱1.11 billion in the third quarter of fiscal year 2025.

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Tiger Resort Leisure and Entertainment Inc. Okada Manila
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