Okada Manila shutdown to cost US$139m

Okada Manila remains closed since March 15
Okada Manila remains closed since March 15

Operator says it expected to be closed for a total of two months due to Coronavirus, forcing it to cut performance forecasts for the year.

Philippines.- Okada Manila expects the current Coronavirus shutdown to see net sales drop by JPY15 billion (about US$139million) during the closure period.

The Okada Manila resort’s parent, Japan-based Universal Entertainment Corp, said it expects the measures requiring the closure of Okada Manila to be further extended until mid-May.

This means the property would have been out of action for two months, resulting in the dramatic revenue loss.

Based on these estimations, Universal Entertainment has cut its performance forecast for calendar year 2020.

The company now expects to achieve net sales of JPY175.0 billion, a decline of 7.9 per cent compared to the company’s prior estimate.

The firm also reduced its estimate for full-year operating income by 21.1 per cent to JPY22.5 billion. Net income is now forecast to hit JPY26.0 billion, a decline of 18.8 per cent compared to the prior estimate.

Philippine authorities announced last week an extension to its Coronavirus lockdown until April 30.

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