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iGaming · Fri, 16 Oct 2026 · 4 min read

Okada Manila GGR Rises 0.9% as Mass Tables Offset VIP. What Operators Should Read Into It

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Okada Manila’s gaming revenue rose 0.9% year on year to about ₱7.04 billion in Q3, with mass tables up 19.7% and VIP down 21.4%. EBITDA still fell 13.0%, and much of the mass growth looks like a better win rate.

Signal Spotlight · Okada Manila third-quarter results

What happened

On 14 October, parent Universal Entertainment Corp. released preliminary results for Okada Manila for the quarter to 30 September, as reported by GGRAsia and AGBrief. Total revenue was flat at ₱7.84 billion. Gross gaming revenue was ₱7.04 billion.

Mass tables. Revenue rose 19.7% to ₱3.01 billion. Drop rose 5.4% to ₱9.01 billion, and the live mass win rate was 32.2%, against 28.4% a year earlier. Online mass table revenue grew from ₱44 million to ₱64 million, per AGBrief.

VIP. Revenue fell 21.4% to ₱1.15 billion. Rolling chip volume dropped 27.7% to ₱29.41 billion. The win rate improved to 3.9% from 3.6%, which softened the fall.

Gaming machines. Revenue fell 4.0% to ₱2.88 billion. Handle rose 5.6%, but the win rate slipped to 5.1% from 5.7%.

Non-gaming. Revenue fell 6.9% to ₱804 million. Hotel occupancy rose to 95.0% from 86.9%, while the average daily room rate fell 4.5% to ₱9,473.

Visitors and profit. Visitors were about 1.45 million, up 11.8%. Adjusted EBITDA was ₱962 million (US$15.3 million), down 13.0% from a year earlier. ASGAM reports it was nearly triple the ₱333 million in the June quarter.

Nine months. Gross gaming revenue was ₱19.56 billion, down 10.6%. VIP revenue fell 35.1% to ₱3.59 billion. Adjusted EBITDA was about ₱2.13 billion, down roughly 47%.

How to read the numbers

"Recovery" depends on the comparison. The quarter-on-quarter rise of 16.1% is the figure behind the rebound headlines, and it comes from ASGAM. Against the same quarter last year, revenue is up only 0.9%. Over nine months, it is still down 10.6%.

Much of the mass growth looks like hold. Mass revenue grew 19.7% on a 5.4% rise in drop, and the win rate rose by almost four points. By our reading, most of the growth came from a better win rate, not from more betting. A win rate can fall back next quarter. This is our interpretation of the published figures, not a statement from the company.

More visitors did not mean more profit. Visitors rose 11.8% and occupancy hit 95%, yet EBITDA fell. By our calculation, gaming revenue per visitor was roughly 10% lower than a year earlier. The visitor count is the figure as reported, and we do not know how the company defines it, so treat that ratio as a rough indication.

Slots and non-gaming did not share the gain. Machine revenue and non-gaming revenue both fell. Only the mass tables moved up.

Why it matters

The signal is a shift in what an integrated resort in Manila earns its money from. VIP is shrinking toward a smaller share of the business, while mass tables carry the quarter. Okada's VIP revenue of ₱1.15 billion is about 16% of gaming revenue, by our calculation, and mass tables are about 43%.

The cost side is the open question. GGRAsia notes that Universal Entertainment said in May that the Philippine gaming industry continues to face structural headwinds, and links that to intensifying competition for customers. The coverage we read does not give a cost breakdown, so we cannot say what drove EBITDA lower this quarter. We also have not seen anything from management explaining the gap between visitors and profit.

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