Universal Entertainment posts revenue of US$261.5m for Q1

Okada Manila posted revenue of PHP12.6bn for the first three months of the year.

The Philippines.- Universal Entertainment Corp has recorded revenue of JPY35.50bn (US$261.5m) for the first quarter of 2023, up 28 per cent when compared to the previous year. Net profit for the year was JPY2.94bn (US$21.65m) down 64.7 per cent year-on-year.

The drop in profit was due to a decline in sales from its Amusements Equipment. Only 24,903 units were sold, down from 37,739 units in the first quarter of 2022. Pachinko machine sales grew by 9,774 units to reach 11,86. Sales of Pachislot machine sales dropped from 35,647 units to 13,037.

Universal’s selling, general, and administrative expenses increased by 22.2 per cent to JPY16.24bn (US$1.52bn). This resulted in an operating profit of JPY4.76bn (US$337.3m), more than double that recorded in the same quarter last year.

The company reported that non-operating profit fell 85.4 per cent in year-on-year terms while gross profit grew 34.5 per cent year-on-year to JPY21.00bn.

Okada Manila posts GGR of US$207.13m for Q1

Okada Manila’s gross gaming revenue (GGR) was PHP11.57bn (US$207.13m), with PHP4.5bn (U$80.56m) coming from VIP table games, PHP3.15bn (US$56.39m) from mass table games and PHP3.9bn (US$69.81m) from gaming machines.

The casino recorded an increase in visitors during the quarter to 1.4 million, more than double the 707,459 recorded in Q1 2022. Revenue for the period was PHP12.6bn (US$225.56m). Adjusted segment EBITDA was PHP3.32bn (US$59.43m). 

Okada Manila posted a 226.2 per cent increase in adjusted EBITDA, totalling JPY7.92bn (US$58.33m). This was on the back of a 113.8 per cent increase in net sales, to JPY24.11bn (US$177.57m).