Okada Manila attracted more visitors and grew mass-table gaming revenue in the third quarter of 2026, but adjusted segment EBITDA still fell 13% to PHP962 million. The result shows the difficulty of rebuilding resort earnings while VIP activity remains weak.
The preliminary figures for the three months ended 30 September were released on 14 October by Universal Entertainment, parent of operating company Tiger Resort, Leisure and Entertainment Inc. GGRAsia’s account of the disclosure puts total revenue at PHP7.84 billion, broadly unchanged year on year, and gross gaming revenue at PHP7.04 billion, up 0.9%.
Universal maintains its TRLEI preliminary-results library as the company’s reporting channel. These preliminary operating figures should be distinguished from audited annual results.
Mass tables carry more of the business
Mass-table revenue increased 19.7% to PHP3.01 billion. That was supported by 5.4% growth in table drop and a live-table win rate of 32.2%, compared with 28.4% a year earlier. Revenue therefore benefited from both more play and a higher proportion retained by the casino.
VIP revenue moved the other way, falling 21.4% to PHP1.15 billion as rolling-chip volume declined 27.7%. Gaming-machine revenue fell 4% to PHP2.88 billion despite higher handle, reflecting a lower win rate.
Fuller rooms did not lift every revenue line
Asia Gaming Brief’s review of the release reports approximately 1.45 million visitors, up 11.8%, and hotel occupancy of 95%, versus 86.9% a year earlier. Average daily room rates declined 4.5% to PHP9,473, while revenue per available room improved 4.4% to PHP9,000.
Non-gaming revenue nevertheless declined 6.9% to PHP804 million. For the first nine months, adjusted segment EBITDA was approximately PHP2.13 billion and GGR was PHP19.56 billion, down 10.6%. The quarter’s mass-market improvement has therefore not erased the wider year-to-date weakness.
Our view: measure the quality of the recovery
Our view is that visitation and occupancy are useful signs of demand, but the stronger commercial test is conversion into repeatable earnings. Higher mass-table hold helped this quarter; it should not automatically be extrapolated as lasting demand growth.
For management and suppliers, the result favours attention to customer value, room pricing and the economics of entertainment-led traffic. More people through the doors create opportunities, but the revenue mix and cost of serving them determine the payoff. Follow IGI’s Companies desk for Philippine operator performance.
