Universal Entertainment reschedules transfer of Asiabest Group International shares
The transfer from TRA to Premiumlands Corp has been put back.
The Philippines.- Universal Entertainment, the parent company of Okada Manila casino resort, has announced that the transfer of Asiabest Group International (ABG) shares from its subsidiary Tiger Resort Asia Limited (TRA) to Premiumlands Corp has been rescheduled to the end of July. Universal Entertainment said the move will not materially affect its results for year.
Universal Entertainment acquired shares in ABG with plans to list TRLEI on the stock exchange. However, due to an improvement in Okada Manila’s financial results, the company opted to sell its shares to Premiumlands Corp, a real estate developer based in Metro Manila at PHP510.4m (US$8.8m) for 66.6 per cent of the shares in ABG.
The company said: “TRA has been progressing with the preparation of the transfer of shares after the share transfer agreement with Premiumlands Corp had been conducted. However, although the preparation for the application of lifting the suspension of trading in the Philippines Stock Exchange, which is mandatory for the completion of the transfer of shares, has been progressing, additional time beyond our expectations is required for the completion of the application.
“This delay leads to rescheduling of the execution date of the transfer of shares. This reschedule has no effect on the commitment of both TRA and Premiumlands Corp to execute the transfer of shares based on the share transfer agreement.”
Universal Entertainment sees decline in net sales in Q1
For the first quarter of the year, Universal Entertainment Corp recorded net sales of JPY27.2bn (US$184.9m) for the first quarter of the year. That’s a decline of 21 per cent when compared to last year.
Okada Manila posted net sales of JPY18.3bn (US$124.4m), down 9.8 per cent year on year, and an operating profit of JPY331m (US$2.25m), down 81.3 per cent. The venue reported adjusted segment EBITDA of JPY4.6bn (US$31.27m), down 23.6 per cent amid a decline in VIP rolling chip volume.
Gross gaming revenue (GGR) from the gaming machine category declined due to the decrease in the number of visitors. According to the Philippine Department of Tourism, the number of inbound travellers from South Korea and China, the main overseas source countries for the casino, decreased by 13.9 per cent and 33.7 per cent, respectively, in the first quarter. The hotel and F&B business also saw a decline in revenue.
The amusement equipment business sold 18,623 units, a decrease of 9,391. Net sales decreased by 36.9 per cent to JPY8.7bn (US$59.14m). The company posted an operating loss of JPY1.1bn (US$7.48m), compared to an operating profit of JPY3.9bn (US$26.51m) in the first quarter of 2024. The company said pachislot sales were strong due to the diffusion of smart pachislot machines. However, there was an operating loss caused by the decrease in sales volume.
