Japan’s Universal Entertainment Corp, the parent company of Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI), has reported JPY1.62 billion (US$11.9 million) in extraordinary losses in the September quarter in relation to the recent occupation of its Philippines integrated resort by representatives of company founder Kazuo Okada.
The figure formed part of Universal’s 3Q22 financial results, published late Wednesday, which had also been delayed as a direct result of the Okada Manila occupation. The Philippines integrated resort was occupied for three months from 31 May until 2 September before Universal regained control following an order from gaming regulator PAGCOR.
While TRLEI reported the Q3 results of Okada Manila earlier this month, with GGR up 141% year-on-year to Php9.52 billion (US$171 million) and Adjusted Segment EBITDA by 451% to Php2.44 billion (US$44 million), Universal noted overnight that operating profit had decreased due to higher administrative and legal costs “associated with the illegal occupation of this resort.”
Despite this, Universal reported a 53.6% increase in group-wide sales in Q3 to JPY88.6 billion with net profit attributable to owners of parent reaching JPY2.53 billion – reversing a JPY18.4 billion a year earlier. This, the company said, was due to gains in its pachinko and at Okada Manila. Net sales in its pachinko and pachislot sector grew 11.2% year-on-year to JPY39.1 billion, with profit up 37.1% to JPY6.78 billion.
Universal said it expects visitation at Okada Manila to continue to grow through Q4, buoyed by “more promotions for reward circle members and numerous activities in sectors other than the casino, such as the opening of several new retail tenants and many events.”
RelatedPosts
