Japan’s Universal Entertainment Corp (UEC) reported a 38.7% year-on-year increase in net sales to JPY44.8 billion (US$297.5 million) in the three months to 30 September 2023, aided by strong growth in its pachinko business and the rising market share of its Philippines integrated resort Okada Manila.
Releasing its consolidated 3Q23 results on Wednesday – which also saw Adjusted EBITDA climb by 63.2% to JPY12.9 billion (US$85.7 million) – UEC revealed that Okada Manila’s share of the Manila licensed casino market had reached 26.0% for the quarter, up from 25.5% in Q2 and from 24.9% a year ago. It is also the property’s highest market share outside of COVID-impacted quarters since 4Q19.
The 3Q23 result included sales of JPY27.2 billion (US$181 million) at Okada Manila, up 34.4%, and sales of JPY17.3 billion (US$115 million) from its Amusement Equipment Business (pachinko and pachislot), up 46.5%.
For the first nine months of 2023 combined, net sales were up 40.0% year-on-year to JPY124.1 billion (US$824 million) with Adjusted EBITDA rising 69.1% to JPY36.5 billion (US$242 million).
Net income attributable to owners of parent was also up 847% to JPY23.9 billion (US$159 million).
Discussing the ongoing improvement in performance at Okada Manila, UEC said it is continuing to work on attracting foreign tourists by way of its recently announced Okada Manila Go campaign.
“A drawing is held every week for all gaming members for a chance to win travel prizes such as round-trip tickets to Manila, bus tickets, free hotel stays and other rewards,” it explained.
“This campaign is aimed at raising awareness of the Okada Manila brand in the Philippines and other countries. In addition, Okada Manila has started the Come Home to Harmony at Okada Manila campaign. By providing an experience that meets the wishes and needs of guests, the aim is to be a source of comfort at a level that makes Okada Manila like a second home in the middle of Metro Manila.
“The goal is to use this campaign to make demand in the Philippines a significant source of growth for the Integrated Resort Business.”
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