Tiger Resort, Leisure and Entertainment (TRLEI), the operator of Okada Manila, reported PHP7.04bn (US$112m) in gross gaming revenue for Q3 2026, up 0.9% year-over-year in preliminary figures released by its parent, Universal Entertainment.
Total revenue, including non-gaming activities, was almost unchanged at PHP7.84bn. Yet adjusted EBITDA fell 13% to PHP962m, indicating that a modest improvement in casino takings did not translate into stronger operating earnings.
The mix of gaming revenue shifted further toward mass tables. This segment rose 19.7% to PHP3.01bn, supported by a higher live-table win rate and increased play at online mass tables within the resort's reported gaming categories.
VIP table revenue fell 21.4% to PHP1.15bn as rolling-chip volume declined, while gaming-machine revenue slipped 4% to PHP2.88bn.
The Q3 result was stronger than the first half in gaming terms, but it does not reverse the decline across 2026 to date. For the nine months through September, gaming revenue was down 10.6% to PHP19.56bn and adjusted EBITDA fell 47.3% to PHP2.13bn. Total revenue over that period declined 9.7% to PHP22.24bn.
Okada Manila quarterly gross gaming revenue
Gross gaming revenue in PHP million. Preliminary figures from Universal Entertainment's quarterly TRLEI reports.
Okada Manila attracted 1.45 million visitors for Q3, an 11.8% increase. Hotel occupancy reached 95%, up from 86.9%, although non-gaming revenue fell 6.9% to PHP804m. The figures suggest stronger footfall and room utilization have yet to deliver a comparable increase in non-gaming spending.
The wider Philippine market has also faced weaker demand. Regulator PAGCOR reported that industry gross gaming revenue fell 20.3% to PHP88.13bn for Q2, with licensed casinos remaining the largest contributor at PHP45.37bn. That comparison covers an earlier quarter and the whole market, rather than Okada Manila alone.
TRLEI described its Q3 figures as preliminary and subject to revision. It did not disclose net income in the resort update; Universal Entertainment's full Q3 accounts are still to follow.
For Q1 2026, Okada Manila's preliminary results showed gross gaming revenue of PHP6.47bn and adjusted EBITDA of PHP830m, providing an earlier benchmark for this year's performance.
Okada Manila operated an average of 3,227 gaming machines for Q3, compared with 2,986 a year earlier
