Revenues up 9 percent for November
Japanese gaming company Universal Entertainment Corp. has announced a private placement of notes worth $600 million that will help pay for the construction of its Okada Manila resort in the Philippines’ Entertainment City casino zone, reported GGRAsia.
The notes were issued on December 4 and will mature in December 2021. They will carry an annual coupon of 8.5 percent. The company said it would use the proceeds to cover construction costs for Okada Manila; repay debts incurred by Tiger Resort Asia Ltd., the Universal subsidiary that runs the Manila resort; and also for general corporate purposes.
Asia Gaming Brief reports that gaming revenues at Okada Manila reached a peak of PHP2.9 billion (US$55.1 million) in November and record EBITDA of almost PHP528 million (US$10 million) during the same period. Those figures represent 9 percent growth in casino revenues and a 42 percent increase in EBITDA over the October results. Universal credited the results to improved VIP and mass play and ongoing high occupancy, 97.4 percent in November.
