Content Writer: Janice Chew • Wednesday, 25/10/2025 - 21:44:12 - PM
Okada Manila’s first quarter 2025 results chart a sharp divergence between its VIP and mass gaming segments. According to reports, gaming revenues slipped to about US 120 million, largely reflecting a pronounced drop in VIP table play. Meanwhile, the mass table games business recorded modest growth, hinting at some resilience in lower-stakes play even amidst macro pressures.
The VIP downturn appears linked with structural headwinds in the high-roller segment. Earlier in the year, Philippine authorities cracked down on offshore gaming operations (POGOs), which indirectly sapped liquidity and appetite among super-premium players. At the same time, weak tourist inflows—especially from China and South Korea—have exacerbated the VIP decline, as these markets traditionally supply a disproportionate share of big bettors.
By contrast, the mass gaming side offered a sliver of optimism. With VIP revenues pulling the average down, mass play became a critical fallback. The uptick in lower-stakes tables suggests that domestic and regional players may have helped offset some losses from VIP withdrawals. Still, the uplift was not enough to fully neutralize the drag from the VIP collapse.
Okada Manila’s struggles are part of a broader industry trend across the Philippines. The Philippine Amusement and Gaming Corp. (PAGCOR) recently reported that gross gaming revenues in the first half of 2025 reached PHP 215 billion—a record high for the sector—but much of the upside was driven by non-VIP segments and integrated resorts outside of the super-premium niche. Moreover, analysts forecast that gaming revenues nationally could rise another 17% in 2025, fueled by expansion in e-gaming and IR development.