For much of the past few years, PhilWeb looked like a company trapped between eras. Its legacy business—built around electronic gaming sites, service-provider arrangements, and venue-linked operations—was still generating cash, but less of it. Revenue fell from ₱816.1m in 2023 to ₱774.6m in 2024 , then again to ₱659.4m in 2025 . EBITDA deteriorated from ₱88.1m in 2023 to ₱51.5m in 2024 and then to just ₱9.3m in 2025 . The company remained loss-making, reporting a net loss of ₱71.8m in 2023 , a far larger ₱599.2m loss in 2024 , and a still substantial ₱211.2m loss in 2025 . By the end of that year, the message from the numbers was plain enough: the old model was not collapsing outright, but it was plainly weakening. The annual report explains why. Management attributed the decline in 2025 revenue to the closure of non-performing sites, intensifying competition from integrated resort casinos, and the spread of alternative online gaming providers. The figures show that even...