Okada Manila, the Philippines’ largest integrated resort, experienced a significant decrease in gross gaming revenue (GGR) for the fourth quarter of 2025, recording PHP5.93 billion (approximately US$99.7 million), representing a 34% year-on-year decline. The operator, Tiger Resort, Leisure and Entertainment Inc., disclosed these figures in a regulatory submission on Wednesday. The full-year GGR amounted to PHP27.81 billion, marking a 20.1% reduction from the previous year. This downturn is of particular importance due to the implications it holds for the Philippine gaming market and its reliance on international tourism.
The report highlighted a sharp fall in adjusted segmental EBITDA for the fourth quarter, which plummeted by 88.5% to PHP238 million. For the entire year, the EBITDA was PHP4.27 billion, reflecting a 44% drop. The VIP gaming segment was hit hardest, with revenues plunging 78.9% to PHP667 million compared to the previous year. The mass-market segment was not immune to these challenges; mass table revenues dipped by 10.8% to PHP2.28 billion, and gaming machine revenues fell by 8.8% to PHP2.98 billion.
The substantial decline in revenue has been attributed to a downturn in tourism following the suspension of electronic visas, a decision made by the Philippine government in response to the influx of illegal online gaming workers. Initially introduced in August 2023, the e-visa program targeted Chinese nationals, but it was abruptly halted, significantly affecting visitor numbers. Although the program was reinstated in November, the impact on tourism was profound, necessitating time to recover, according to Tourism Secretary Christina Frasco. She emphasized that the recovery from such disruptions involves a lengthy process, often taking at least six months to see tangible results from marketing initiatives.
The downturn in tourism from China and Korea, as reported by Abacus Securities Corp., continues to exert pressure on VIP volumes across all integrated resorts in the region. Okada Manila, located in the Entertainment City casino zone of the Philippine capital, competes with other major resorts such as Solaire and City of Dreams Manila. Additionally, the anticipated opening of Suntrust Westside City, another integrated resort initially scheduled for late 2025, has been postponed to the third quarter of 2026 due to construction delays.
From a regulatory and business perspective, the situation underscores the vulnerability of the Philippine gaming sector to international travel and policy changes. The reliance on tourism, particularly from China and Korea, poses significant risks. The suspension of the e-visa program is a clear example of how regulatory decisions can have widespread repercussions for the industry. This dependency also highlights the need for diversification and resilience in the gaming market to mitigate the effects of such disruptions.
For operators like Okada Manila, the decline in revenue presents challenges in maintaining profitability and market share. The competition within the Entertainment City zone is fierce, and with the expected entry of a new player, Suntrust Westside City, pressure on existing operators is likely to intensify. While market growth remains constrained by current tourism levels, operators must focus on enhancing customer engagement and broadening their appeal to offset the loss of VIP customers.
As the industry anticipates the reopening of the e-visa program and a potential rebound in tourism, the focus will shift to how quickly the sector can recover lost ground. The success of recovery efforts will largely depend on the efficacy of marketing campaigns and the ability to attract international visitors. The coming months will be critical as operators and regulatory bodies assess the impact of these strategies and prepare for potential fluctuations in the market landscape. The next steps involve monitoring the resumption of international travel and evaluating the effectiveness of policy adjustments intended to stabilize and boost the gaming sector.