Universal Entertainment posts loss of US$11.9m for Q3

The company said performance was impacted by the illegal occupation of Okada Manila from May 31 to September 2.

The Philippines.- Universal Entertainment Corp has posted a loss of JPY 1.62bn ($11.9m) for the third quarter of the year. The company said performance was impacted by the illegal occupation of Okada Manila from May 31 to September 2 by a group acting under the instructions of Kazuo Okada. 

In November, Universal Entertainment reported JPY20m in losses for the second quarter, also citing the occupation. Cumulative third-quarter sales in 2022 totalled JPY88.6m, up 53.6 per cent from the same period in 2021. Operating profit was JPY579m (compared with an operating loss of JPY4.3m in the same period of 2021).

In the pachislot sector, Universal Entertainment posted net sales of JPY39.1m, up 11.2 per cent year-on-year and an operating profit of JPY6.m (an increase of 37.1 per cent year-on-year). 

The company reported aggregate sales of JPY88.61bn for the first nine months of 2022, up 53.6 per cent from the prior-year period. It posted a net profit attributable to owners of nearly JPY2.53bn, compared with a net loss of just below JPY18.40bn a year earlier.

Universal Entertainment stated: “In the fourth quarter, the number of guests is expected to continue to increase because of more promotions for reward circle members and numerous activities in sectors other than the casino, such as the opening of several new retail tenants and many events.”

Earlier this month, its parent company Tiger Resort, Leisure and Entertainment (TRLEI) reported PHP9.51bn (US$170.78m) in gross gaming revenue (GGR), up 128.3 per cent year-on-year and up from PHP8.96bn (US$142.7m) for the previous three months.

Kazuo Okada was arrested after returning to the Philippines to face charges of grave coercion.