Universal Entertainment plans to develop land near Okada Manila
The land will be developed by the subsidiary Eagle 1.
The Philippines.- Universal Entertainment Corp has announced its affiliated company Eagle 1 Landholdings plans to develop land near the Okada Manila casino resort in the Philippine capital. The company had previously said it planned real estate developments and to collaborate with third parties to attract major brand hotels to the Philippine market.
Universal has a 40 per cent stake in Eagle 1. Its subsidiary Tiger Resort, Leisure and Entertainment (TRLE), which runs Okada Manila, has cancelled its land lease contracts with Eagle I for a 6.1-hectare portion of land to allow the 9.4-hectare development.
As a result of the cancellation of the land lease, the company raised its full-year net income forecast to JPY20.00bn (US$152.9m) from JPY10.00 billion, citing cost savings linked to the rental contract cancellation and other factors connected to the land lease.
In 2022, the Japanese conglomerate recorded a net profit of almost JPY11.51bn on group-wide sales of just under JPY141.00bn, up 55.9 per cent year-on-year, compared to a JPY19.05bn loss in 2021.