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Universal Entertainment Japan, which counts the Okada Manila integrated resort in the Philippines as its core asset, reported a 64.8% year-on-year drop in net profit attributable to owners of the parent company to 2.95 billion yen ($21.7 million) in 1Q23, driven by Influenced by lower pachislot and pachinko machine sales.
Total sales of its amusement equipment business fell by 12,836 units to 24,903 units in the March quarter, leading to a 31.4% drop in net sales to 11.15 billion yen ($82.1 million), the company said on Friday. However, it did note that it had received orders for 50,000 units in the June quarter alone – thanks to the introduction of the new 6.5 standard in Japan and the development of smart slot machines.
It added that machine replacements at pachinko parlors are shifting to smart pachinko machines that offer “a wider range of gaming features”, leading to “a steady recovery of the pachinko machine market after a prolonged slump”.
While the pachinko and pachinko business performed poorly in the March quarter, Universal said group-wide sales rose 22.0 percent year-on-year to 35.5 billion yen ($261 million), helped by a recovery in Okada Manila. ).
Okada Manila’s net sales rose 114% to 24.1 billion yen ($177 million), generating an operating profit of 4.1 billion yen ($30.2 million) — reversing a 1Q22 loss — adjusted The subsequent EBITDA was 7.93 billion yen (US$58.4 million), a year-on-year increase of 226%.
“In the first quarter, tourist arrivals gradually increased [to Okada Manila] Business performance remains strong not only within the Philippines but also in other countries,” said Universal, which also outlined growth plans for the coming months.
“In order to continue to attract a wider range of local tourists to the gaming business, one priority is to increase the size of the online games that can be played in the Philippines. This includes measures to address gaming demand in the Philippines other than Luzon, where Manila is located.
“In order to attract more foreign tourists, we have also carried out a lot of marketing activities in Japan, South Korea, Thailand and other Asian countries.”
Subsidiary that operates Okada Manila – Tiger Resort, Leisure and Entertainment Inc – announced its 1Q23 financial results last month.
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