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Okada Manila closure drags Universal results down through September despite strong growth in domestic pachinko segment

Ben Blaschke by Ben Blaschke
Fri 13 Nov 2020 at 05:13
Time to shine

Okada Manila

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Japanese gaming giant Universal Entertainment Corp has reported a 17.5% decline in net sales to JPY77.14 billion (US$733.9 million) through the first nine months of 2020, including a 58.6% fall to JPY20.56 billion (US$195.6 million) at its Philippines integrated resort Okada Manila, due to the impact of COVID-19.

The company did not break down its results for the three months to 30 September 2020, but based on its previously published half-year results Universal’s third quarter sales slowed substantially to just JPY11.49 billion (US$109.3 million) compared with JPY65.65 billion (US$622.1 million) over the first six months of the year combined.

Okada Manila had previously reported a 48.8% decline in net sales between 1 January and 30 June to JPY16.10 billion (US$152.6 million), meaning 3Q20 sales at the Philippines IR were around JPY4.46 billion (US$42.4 million).

Okada Manila’s struggles have seen Universal’s Adjusted EBITDA decline very slightly to JPY20.81 billion (US$197.8 million) for the first nine months of 2020, despite strong growth in its pachinko and pachislot business.

Segment EBITDA for its “Amusement Equipment” grew 102.7% to JPY23.15 billion (US$220.0 million) on the back of strong sales of new game titles, but couldn’t quite cover losses at Okada Manila which fell from an Adjusted EBITDA profit of JPY9.06 billion (US$86.1 million) in the first nine months of 2019 to an Adjusted EBITDA loss of JPY2.76 billion (US$26.2 million).

In announcing its results, Universal confirmed that Okada Manila, which suspended operations on 15 March as per a PAGCOR directive, has resumed gaming operations at up to 30% capacity since August. It has also resumed hotel operations at full capacity and some restaurant operations at 50% capacity based on various government permissions.

“Nevertheless, the impact of COVID-19 has not ended,” the company said. “Okada Manila will continue to maintain high levels of hygiene management to prevent infection.”

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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