Universal Entertainment Q4 EBITDA drops 88.5% to PHP 238m as Okada Manila revenue declines

Universal Entertainment Corporation reported a sharp decline in fourth-quarter operating performance at its Philippine subsidiary, Tiger Resort, Leisure and Entertainment (TRLEI), reflecting continued pressure on gaming demand at Okada Manila 

According to a preliminary filing dated January 14, TRLEI generated total Q4 revenue of PHP 7.07bn ($118.84m), down 30.6% year-on-year. Gross gaming revenue declined 33.9% to PHP 5.93bn, while non-gaming revenue fell more modestly by 5.3% to PHP 1.14bn. 

Adjusted segment EBITDA dropped sharply to PHP 238m, compared with PHP 2.07bn a year earlier, reflecting lower hold and reduced high-value play.

The contraction was driven primarily by weakness in VIP table games. VIP revenue fell 78.9% to PHP 667m. Mass table game revenue declined 10.8% to PHP 2.28bn, while gaming machine revenue decreased 8.7% to PHP 2.98bn, providing relative stability compared with table segments.

For the full fiscal year, TRLEI reported total revenue of PHP 31.69bn, down 18.6%. Gross gaming revenue decreased 20.1% to PHP 27.81bn, while non-gaming revenue fell 5.7% to PHP 3.88bn. Adjusted segment EBITDA for FY2025 declined 44.1% to PHP 4.27bn, highlighting sustained margin pressure across the year.

The results follow earlier disclosures from Universal Entertainment showing diverging performance across its business lines. 

While Okada Manila faced softer demand due to lower overseas visitation, weaker VIP play, and weather-related disruptions, the group’s Amusement Equipment segment in Japan delivered strong growth through increased adoption of smart Pachislot and Pachinko machines, partially offsetting integrated resort weakness.

Management noted that the Q4 figures remain preliminary and subject to revision. The company continues to focus on stabilizing operations in Manila while maintaining investment in product innovation within its Japanese amusement business.

In November 2025, Universal Entertainment reported mixed Q3 FY2025 results, with consolidated net sales for the first nine months rising 0.2% year on year to JP¥92.6bn. 

Strong growth of more than 34% in the Amusement Equipment segment offset a 16.9% decline in integrated resort revenue at Okada Manila, narrowing the group’s net loss despite ongoing softness in the Philippine market.