Universal Entertainment proposes Tomohiro Okada as new director

The proposal will be presented at an extraordinary shareholders’ meeting.

The Philippines.- Universal Entertainment has announced through a company filing that Tomohiro Okada, the son of founder and former chairman Kazuo Okada, has been nominated as a director. The proposal will be presented at an extraordinary shareholders’ meeting scheduled for September 16.

Okada currently serves as the director of Okada Holdings Limited, Universal Entertainment’s parent company of Universal Entertainment.

The September 16 meeting will also include a proposal to remove Jun Fujimoto, a current director, based on a ruling by the Tokyo High Court. The court found that Fujimoto had violated his fiduciary duty as a director, following a shareholder lawsuit filed earlier this year seeking damages.

Universal Entertainment net sales down 20.7% in Q2

Universal Entertainment recorded net sales of JPY62.9bn (US$429m) in the second quarter of the year. That’s a decline of 20.7 per cent when compared to last year, mainly attributed to a drop in the net sales of its leisure equipment and integrated resort businesses.

Operating profit was down 69.6 per cent year-on-year to JPY3.26bn (US$22.2m), while ordinary profit was down 80.4 per cent to JPY5.57bn (US$38.0m). The company’s net income attributable to owners of the parent fell 97.5 per cent to JPY525m (US$3.6m).

Okada Manila’s performance was down year-on-year but, similar to the first quarter. The number of VIP guests was down due to the slowdown of the junket business. Although the performance of the mass market and gaming machine sectors was lower than the previous year, the company said sales are steadily increasing. In the hotel, food, and beverage businesses, the number of guests remains high.

See also: TRLEI posts gross gaming revenue of US$151.3m for Q2