Okada Manila Reports Q3 GGR Rise Driven by Mass Tables

Okada Manila Reports Q3 GGR Rise as Strong Mass Table Performance Offsets VIP Weakness

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Okada Manila Reports Q3 GGR Rise as Strong Mass Table Performance Offsets VIP Weakness

Key Takeaways

⏱ 2 min read

Quarterly Growth — Okada Manila generated PHP 7.04 billion in GGR for Q3 2026, marking a 0.9 percent year-on-year increase and a 16.1 percent rise from Q2

Mass Market Surge — Mass table games delivered strong results, with revenue reaching PHP 3.01 billion, up 19.7 percent year-on-year

VIP Softness — VIP GGR declined by 21.4 percent to PHP 1.15 billion, continuing to weigh on overall performance

Earnings Recovery — Adjusted EBITDA reached PHP 962 million, more than doubling the PHP 333 million recorded in the previous quarter

Nine-Month Totals — Total GGR for the first nine months fell 10.6 percent to PHP 19.6 billion despite an increase in overall visitor numbers

Manila resort property Okada Manila recorded a slight increase in gross gaming revenue (GGR) for the September 2026 quarter, supported by robust performance in mass table games that helped offset continued softness in the VIP sector.

Mass table games drive quarterly recovery

Preliminary figures disclosed by parent company Universal Entertainment Corporation indicate that the property generated a quarterly GGR of PHP 7.04 billion, representing a 0.9 percent rise compared to the same period last year

During the September quarter, mass table games emerged as the primary growth driver for Okada Manila, generating PHP 3.01 billion, an increase of 19.7 percent compared to the same period last year and 36.7 percent higher than the June quarter. This expansion successfully counterbalanced the ongoing contraction in VIP gaming, where GGR dropped 21.4 percent year-on-year to PHP 1.15 billion. Meanwhile, gaming machines yielded PHP 2.88 billion, maintaining relative stability compared to previous periods.

The quarterly uptick in gaming revenue helped lift TRLEI’s adjusted EBITDA to PHP 962 million, representing a substantial recovery from the PHP 333 million recorded in the June quarter, although earnings remained below year-earlier levels. Non-gaming revenue also experienced a minor contraction, falling 6.9 percent year-on-year to PHP 804 million.

Nine-month performance and strategic focus

For the first nine months of 2026, Okada Manila’s cumulative GGR decreased by 10.6 percent to PHP 19.6 billion, while non-income revenue slipped 2.2 percent to PHP 2.68 billion. These declines occurred despite an increase in overall visitor volume, which rose from 4.11 million to 4.33 million guests. Universal Entertainment Corporation has previously cited mounting competition among Manila operators as a key challenge driving up customer acquisition costs, alongside broader structural pressures affecting the regional VIP market.

To support ongoing recovery, UEC continues to prioritize mass-market expansion and digital initiatives through its online gaming platform, OKADA PLAY.