Looking to a better 2018
Universal Entertainment Corp., Tokyo-listed operator of Okada Manila in the Philippines’ Entertainment City casino zone, reported a net loss of JPY 13.4 billion (US$124.6 million) for the nine months that ended December 31, primarily due to operating losses from its casino and resorts business, reported Asia Gaming Brief.
Net sales were JPY 68.5 billion (US$637 million). Operating losses came to JPY 9.8 billion (US$9.1 million). In its casino resort business, Universal posted sales of JPY 16 billion, but an operating loss of JPY 9 billion due to fixed expenses in the period, AGB reported.
The Japanese company, which started as a manufacturer of gaming machines, said it expects better results with the opening of its Cove Manila business at Okada Manila. Inside Asian Gaming described the indoor beach club as the resort’s “key attraction” featuring a nightclub that can hold 5,000 visitors. The company will also expand its VIP facilities and complete its hotel, now in the final stages of development.
“The start of full-scale operations of a VIP casino is expected to make a big contribution to sales,” the company said in a filing. “Consequently, the outlook is for the casino resort business to grow to become the second core business alongside the pachislot and pachinko business in 2018, resulting in a substantial change in the composition of consolidated sales.”
The pachi side of the business saw net sales of 50.3 billion (US$468 million), and operating profits of 9.3 billion for the nine months that ended December 31.
