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Japan’s Universal Entertainment Corp says Q2 financial results better than expected on recovery of pachislot, IR businesses

Newsdesk by Newsdesk
Sun 16 Jul 2023 at 13:39
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Japanese gaming giant Universal Entertainment Corp says it expects to report net income attributable to owners of the parent of JPY21 billion (US$151 million) for the first six months of 2023, up 210% over the same period last year and exceeding its most recent forecasts.

The improvement, which includes a 40.3% increase in net sales to around JPY79 billion (US$569 million), is due to recovery of Japan’s pachislot market and strong performance at its Philippines integrated resort Okada Manila is better than before the COVID-19 pandemic.

As reported by IAG last week, Okada Manila saw its gross gaming revenues climb by 36% year-on-year in 2Q23 to US$208 million.

Universal said Friday that the recovery of both business arms “strongly indicates that the company’s business is rapidly recovering at a pace that exceeds the company’s consolidated business results forecast for the full fiscal year ending 31 December 2023, which was previously announced in March 2023.”

Universal said that, as a result of its strong results, the Board of Directors has resolved to pay a dividend of JPY40 per share, representing total dividend payments of JPY3.1 billion (US$22.3 million).

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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