Universal Entertainment reports US$1.5bn net loss for full-year 2025
Net sales at Okada Manila fell 20.2 per cent year-on-year.
The Philippines.- Universal Entertainment has reported a net loss of JPY231.4bn (approximately US$1.5bn) for the year ended December 31, 2025, primarily due to impairment charges related to its Integrated Resort (IR) business in the Philippines. Okada Manila continues to face structural market headwinds.
According to the financial results presentation, the net loss widened from JPY15.6bn (US$104m) in 2024. Impairment losses totalled JPY229.1bn (US$1.53bn), including JPY224.7bn (US$1.50bn) recorded in the IR segment after a reassessment of the long-term viability of its Philippine resort assets amid the disappearance of the junket-driven VIP segment, political uncertainty and the end of POGO licences.
Okada Manila performance
Within the IR division, Okada Manila net sales fell 20.2 per cent from JPY82bn in 2024 to JPY65.4bn (US$436m) in 2025. Operating profit moved from a gain of JPY2.9bn to a loss of JPY7.1bn (US$47m). Adjusted EBITDA declined 47.4 per cent year-on-year from JPY19.6bn to JPY10.3bn (US$69m).
Universal noted that while the mass market segment remained relatively resilient, it was insufficient to offset the sharp decline in high-roller activity. Non-gaming operations delivered comparatively stable performance.
Group-level results
At group level, net sales declined 2.8 per cent to JPY122.8bn (US$819m). Operating profit was negative JPY3.2bn (US$21m). Adjusted EBITDA fell from JPY28.3bn (US$189m) to JPY23.2bn (US$155m).
Total assets declined from JPY632.8bn (US$4.22bn) to JPY373.6bn (US$2.49bn). Shareholders’ equity fell from JPY354.2bn (US$2.36bn) to JPY122.8bn (US$819m).
2026 outlook
Looking ahead, Universal forecasts a return to profitability in 2026, projecting net sales of JPY140.0bn (US$933m) and net income of JPY2.0bn (US$13m). For the IR segment, the company expects gradual improvement driven by the mass market, loyalty programme enhancements and expanded regional marketing efforts across Asia. However, it cautioned that a near-term recovery in the VIP segment remains unlikely.
