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We study the semiclassical limit of the anisotropic two-photon Dicke model with a dissipative bosonic field and describe its rich nonlinear dynamics. Besides normal and ‘superradiant’-like phases, the presence of localized fixed points reflects the spectral collapse of the closed-system Hamiltonian. Through Hopf bifurcations of superradiant and normal fixed points, limit cycles are formed in certain regions of parameters. We also identify a pole-flip transition induced by anisotropy and a region of chaotic dynamics, which appears from a cascade of period-doubling bifurcations. In the chaotic region, collision and fragmentation of symmetric attractors take place. Throughout the phase diagram we find several examples of phase coexistence, leading to the segmentation of phase space into distinct basins of attraction.