Universal Entertainment Corp’s integrated resort segment posted a 62.5 percent year-on-year drop in adjusted segment EBITDA to JPY2.74 billion ($17.4 million) in the first half of 2026, as VIP play at Okada Manila weakened amid intensified competition and macroeconomic pressure, according to the company’s consolidated results released Friday.
Net sales from the integrated resort segment fell 13 percent to JPY30.13 billion ($191 million), while the segment’s operating loss widened slightly to JPY1.37 billion ($8.7 million) from JPY1.32 billion ($8.4 million) a year earlier. At the property level, Okada Manila’s gaming revenue declined 15.9 percent to PHP12.52 billion ($203 million), with VIP win down 40 percent to PHP2.44 billion ($39.6 million), mass-table win off 11.1 percent and gaming-machine win down 3.3 percent – despite visitation rising 2.4 percent to 2.88 million.
Non-gaming revenue held roughly flat at PHP1.87 billion ($30.4 million). The consolidated first-half figures follow preliminary second-quarter operating data issued in July by Okada Manila operator Tiger Resort, Leisure and Entertainment Inc.
Universal Entertainment attributed the weakness to domestic political conditions in the Philippines and to economic pressures it linked to conflicts in the Middle East.
Premium-Mass Pivot and Online Push
Management said the integrated resort business aims to turn a profit in the second half through online gaming, MICE promotions and stronger efforts to attract Japanese tourists, building on guest initiatives launched earlier this year. The company said it is developing its premium-mass segment to cut VIP dependence and will strengthen direct marketing in Japan, South Korea, Taiwan, Singapore, Thailand and Malaysia.
Universal Entertainment described its approach as a dual strategy combining online expansion with rebuilding land-based revenue, anchored by Okada Play – launched with PhilWeb in May via an online push – and Okada Online Casino. The company is also reviewing its cost structure after flagging rising customer acquisition costs earlier this year.
Group Results Cushioned by Amusement Equipment
Universal Entertainment’s group-level figures told a different story: consolidated net sales rose 23.1 percent to JPY76.57 billion ($485.5 million), and adjusted EBITDA climbed 39 percent to JPY15.40 billion ($97.6 million), driven by a 69.1 percent surge in amusement equipment net sales to JPY45.93 billion ($291.2 million). Operating profit rose to JPY10.22 billion ($64.8 million) from JPY847 million ($5.4 million), while net income attributable to owners reached JPY62 million ($393,000), reversing a JPY9.87 billion ($62.6 million) loss.
The company maintained its full-year forecast of JPY140 billion ($888 million) in net sales, JPY16 billion ($101.4 million) in operating profit and JPY2 billion ($12.7 million) in net income.
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