Universal Entertainment Corp has revised its net profit estimate for the year due to Okada Manila’s performance.
The Philippines.- Universal Entertainment Corp has revised its net profit estimate for 2023 following a strong performance at its Okada Manila casino resort. The company has increased its net profit forecast by 50 per cent from JPY20bn to JPY30bn (US$200.6m).
Universal Entertainment’s unit, Tiger Resort, Leisure and Entertainment, which operates the Okada Manila in the Philippines, reported a 9.4 per cent sequential increase in casino gross gaming revenue (GGR) in the third quarter. Adjusted segment earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 45.6 per cent year-on-year to PHP3.56bn (US$62.7m).
IUniversal Entertainment attributed the performance to an increase in the number of visitors during the summer vacation period and growing domestic gaming demand in the Philippines. The company anticipates a 3.6 per cent increase in full-year net sales compared to its previous forecast, reaching JPY186.5bn. It projects that operating profit will be 19.1 per cent higher than previously expected at JPY28bn.