Okada Manila First Quarter 2025: Mass Tables Up, VIP Down

Okada Manila First Quarter 2025 results show a sharp decline in VIP gaming revenue, while mass-market table games report steady growth, highlighting a market shift.

Okada Manila First Quarter of 2025 results revealed a mixed performance, according to operator Tiger Resort, Leisure and Entertainment Inc. While overall gross gaming revenue (GGR) experienced a decline, the mass-market segment demonstrated resilience, highlighting a shift in player preferences and continued strength in non-VIP gaming activity.

Key Financial Highlights:​

• Total GGR: PHP7.81 billion, down 11.1% year-on-year.

• VIP Revenue: PHP1.77 billion, a 31.5% decrease from the previous year.

• Mass-Market Tables: PHP3.04 billion, up 2.8% year-on-year.

• Gaming Machines: PHP2.99 billion, a 7.5% decline year-on-year.

• Non-Gaming Revenue: PHP941 million, down 3.1% year-on-year.

• Adjusted EBITDA: PHP1.78 billion, a 23.8% decrease from the previous year.

The significant drop in VIP revenue contributed to the overall decline in GGR. However, the mass-market tables segment showed growth, indicating a shift in player preferences.​

Operational Insights:​

Hotel occupancy remained stable at 82.9%, suggesting consistent visitor interest. The decline in non-gaming revenue, including hotel, food and beverage, and retail, indicates areas that may need strategic focus.

Industry Context:​

The challenges faced by Okada Manila reflect broader trends in the gaming industry, where VIP segments are experiencing volatility. Operators may need to adapt by enhancing mass-market offerings and diversifying non-gaming amenities to maintain revenue streams.

Conclusion:

Okada Manila's Q1 2025 performance underscores the importance of balancing VIP and mass-market strategies. Focusing on mass-market growth and improving non-gaming experiences could be key to sustaining long-term success.

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