Universal Entertainment posts US$106.8m loss for Q2

Universal Entertainment has reported a net loss of JPY11.72bn (US$106.8m) for the second quarter of the year.

Japan.- Gaming company Universal Entertainment Corp has published its financial results for the second quarter of the year, reporting that net sales declined 56.4 per cent to JPY28.61bn.

The company reported that the Okada Manila integrated resort saw a loss of JPY2.02bn for the first half of the year as the casino venue has been operating at reduced capacity.

Universal Entertainment previously reported net sales down 64 per cent year-on-year at JPY14.7bn (US$134.1m) in the first quarter. For the second quarter, Okada Manila reported gross gaming revenue (GGR) or PHP2.61bn (US$52.1m). That’s a fall of 49 per cent from the previous quarter.

The company reported that VIP table game GGR fell by 35.2 per cent in the three months to June 30. Mass table game revenue declined by 38.9 per cent quarter-on-quarter to PHP526m. Gaming machines revenues dropped by 69.6 per cent to PH578m.

The Amusement Equipment business saw sales declined 71.4 per cent to JYP13.98bn with an operating loss of JYP2.31bn.

As for pachinko and pachislot machine orders in Japan, the company said the effects of the Covid-19 pandemic had caused a fall in sales. The company had started a removal of outdated machines last November but it was pushed back to January 2022.

Casinos in Entertainment City in Metro Manila will remain closed until August 20 amid an extension of the current general community quarantine (GCQ).

The decision was taken following guidelines from the Philippine government and PAGCOR as the delta variant of Covid-19 spreads in The Philippines.