Okada Manila’s revenue fell 14.7%. But the headline hides a sharper story: VIP play collapsed while the mass market grew.
Okada Manila reported second-quarter 2026 gross gaming revenue of PHP6.06 billion (US$98.2 million), down 14.7% year-on-year. A 56.2% collapse in VIP table revenue drove the decline. However, mass-market tables and gaming machines both grew. Adjusted EBITDA fell 71.1% to PHP333 million, according to a filing by promoter Tiger Resort.
- Okada Manila’s Q2 Numbers
- The VIP Collapse and Mass-Market Shift
- How Okada Manila Is Responding
Okada Manila’s gross gaming revenue fell 14.7% year-on-year in the second quarter of 2026. The Manila casino resort recorded PHP6.06 billion, or US$98.2 million. Promoter Tiger Resort, Leisure and Entertainment disclosed the figure in a Tuesday filing. The profit picture was worse. Adjusted EBITDA dropped 71.1% to PHP333 million. However, the headline masks a split result. VIP table revenue collapsed. Mass-market tables and gaming machines both grew. So the decline is concentrated, not broad. One segment dragged the whole property down.
Okada Manila’s Q2 Numbers
The segment breakdown tells the real story. VIP table-game revenue fell 56.2% year-on-year. It landed at just over PHP1.00 billion. That single drop explains most of the headline decline. However, the mass market moved the other way. Mass-market table revenue rose 8.5% to above PHP2.20 billion. Gaming-machine revenue climbed 2.7% to nearly PHP2.86 billion. Non-gaming revenue held essentially flat. It came in at PHP928 million, against PHP929 million a year earlier. So three of four segments were stable or growing. The EBITDA collapse reflects VIP’s outsized profit contribution. High-roller play carries large amounts through the books. When it falls, earnings fall faster than revenue. As a result, a 14.7% revenue drop became a 71.1% EBITDA drop. This VIP softness echoes across the region, a theme in our report on Asia-Pacific casino demand.
The VIP Collapse and Mass-Market Shift
The divergence is the story worth watching. VIP revenue more than halved. Mass-market revenue grew. That is a meaningful structural signal, not just a bad quarter. VIP play depends on high-roller traffic and junket flows. Those have thinned across Asian gaming for years. Regulatory pressure on junkets has reshaped the segment. Okada Manila’s 56.2% VIP drop fits that pattern. However, the mass market shows underlying demand remains healthy. Ordinary players kept coming and spending. Gaming machines grew too, a similar mass-market signal. This shift changes the revenue mix. Mass and machines are lower-margin but more stable. VIP is high-margin but volatile. As a result, a mass-led property earns less per peso but with steadier footing. The EBITDA collapse shows the transition’s cost. Losing VIP hurts profit disproportionately in the short term. However, a broader mass base may prove more durable. The same VIP-to-mass rebalancing runs through our report on Macau’s casino revenue trends.
How Okada Manila Is Responding
The property is already shifting strategy. Okada Manila has moved to broaden its visitor appeal. It announced a renewed focus on the Japanese market in recent weeks. That fits its ownership. Tiger Resort is a unit of Japanese conglomerate Universal Entertainment. Universal also makes pachinko and amusement machines, mainly for Japan. So a Japanese-market push leverages a natural connection. The bigger move is online. Okada Manila launched its Okada Play platform in May. It partnered with gaming technology provider PhilWeb for the launch. That takes the property into Philippine online gaming directly. It also puts Okada alongside other operators chasing the regulated online space. According to the filing, these steps aim to strengthen domestic and international appeal. However, results will take time to show. An online launch and a market pivot are multi-quarter projects. The Okada Play partnership connects to our coverage of PhilWeb’s platform deals. Trade coverage of the Philippine market, including AGBrief, tracks operator strategy.
Frequently Asked Questions
How much did Okada Manila earn in Q2 2026?
Okada Manila reported second-quarter 2026 gross gaming revenue of PHP6.06 billion (US$98.2 million), down 14.7% year-on-year. Adjusted EBITDA fell 71.1% to PHP333 million. The figures came from a filing by the property’s promoter, Tiger Resort, Leisure and Entertainment.
Why did Okada Manila’s revenue fall?
The decline was driven almost entirely by VIP table-game revenue, which collapsed 56.2% to just over PHP1.00 billion. However, mass-market tables rose 8.5% and gaming machines grew 2.7%, showing the weakness was concentrated in the high-roller segment rather than across the property.
Why did EBITDA fall so much more than revenue?
VIP play contributes heavily to profit once fixed costs are covered, so its earnings fall faster than top-line revenue when volume drops. Okada Manila’s 14.7% revenue decline translated into a 71.1% EBITDA fall because the lost revenue was concentrated in the high-margin VIP segment.
What is Okada Manila doing to recover?
Okada Manila has announced a renewed focus on the Japanese visitor market and launched its Okada Play online gaming platform in May, in partnership with PhilWeb Corp. These moves aim to broaden domestic and international appeal, though results will take several quarters to materialise.
Who owns Okada Manila?
Okada Manila’s promoter is Tiger Resort, Leisure and Entertainment, a unit of Japanese conglomerate Universal Entertainment Corp. Universal also manufactures pachinko and other amusement machines, mainly for the Japanese market, which underpins Okada Manila’s renewed focus on Japanese visitors.
Is the VIP decline unique to Okada Manila?
No. VIP and junket-driven play has softened across Asian gaming markets for years, reshaped by regulatory pressure on junket operations. The mass-market resilience Okada Manila showed also mirrors a regional shift toward lower-margin but more stable mass and gaming-machine revenue.
This article has been thoroughly researched and reviewed by the CasinoBait editorial team to ensure accuracy and relevance for Asian casino players.
