Universal Entertainment returns to profit despite Okada Manila revenue decline
The group posted net profit, but the Integrated Resort business saw revenue and adjusted EBITDA decline amid a VIP slowdown and intensified competition.
Japan.- Universal Entertainment Corporation returned to profit in the first half of 2026, reporting net income attributable to owners of JPY62m (US$392,845). That compares with a JPY9.87bn (US$60.8m) loss a year earlier.
Consolidated net sales rose 23.1 per cent year-on-year to JPY76.57bn (US$471.3m), while operating profit increased to JPY10.22bn (US$62.9m). Adjusted EBITDA reached JPY15.40bn (US$94.8m), up 39 per cent.
The improvement was driven primarily by the Amusement Equipment Business, while the Integrated Resort (IR) Business saw a decline amid competition in Manila’s Entertainment City, a VIP slowdown and the impact of conflicts in the Middle East.
Okada Manila
The IR Business generated JPY30.13bn (US$185.5m) in first-half net sales, down from JPY34.64bn (US$213.3m), while adjusted EBITDA fell 62.5 per cent to JPY2.74bn (US$16.8m). The segment recorded an operating loss of JPY1.37bn (US$8.4m).
At Okada Manila, gaming revenue declined 15.9 per cent year-on-year to PHP12.52bn (US$77.1m). VIP rolling chip win fell 40 per cent to PHP2.44bn (US$15m), while live mass-table win declined 11.1 per cent to PHP4.42bn (US$27.2m). Gaming-machine win decreased 3.3 per cent to PHP5.58bn (US$34.4m).
Total property revenue fell 14.1 per cent to PHP14.40bn (US$88.7m), although visitor numbers increased 2.4 per cent to 2.88 million. Non-gaming revenue was broadly flat at PHP1.87bn (US$11.5m). Okada Manila is operated via Universal Entertainment unit Tiger Resort, Leisure and Entertainment Inc.
Universal Entertainment expects the IR Business to return to profitability in the second half. Its strategy includes expanding Okada Online Casino and Okada Play, strengthening MICE activities and attracting more Japanese and other Asian premium customers. It’s maintained its full-year guidance, targeting net sales of JPY140bn (US$862.1m), operating profit of JPY16bn (US$98.5m) and net income of JPY2bn (US$12.3m).
