Gaming company Universal Entertainment Corp of Japan says it is introducing at its casino in Philippine capital Manila a system that enables gaming machines to accept the banknotes of various countries.
Universal Entertainment told the JASDAQ in writing on Friday that the system was the first of its sort in the casino industry and that, depending on how the system performed in Manila, it would sell the system elsewhere in Asia with a view to making the system the standard for the industry
The company said its Philippine subsidiary, Tiger Resort, Leisure and Entertainment Inc, was introducing the system at its Okada Manila casino resort (pictured in a file photo).
The system enables gaming machines to accept banknotes denominated in Philippine pesos, U.S. dollars, Hong Kong dollars, Chinese reminbi, South Korean won, Japanese yen, euros and other currencies.
At the Okada Manila, the system will convert the value of notes denominated in currencies other than Philippine pesos to the equivalent value in Philippine pesos, at a predetermined exchange rate.
To prevent money laundering, the system can be set to restrict the use of certain currencies.
Universal Entertainment said the system followed guidelines set by the local regulator, the Philippine Amusement and Gaming Corp.
The company told the stock market: “This system has significant features enabling the use of bills of various foreign countries, to save the time and effort of currency exchange, which will improve casino players’ convenience and, at the same time, significantly [reduce] the personnel cost associated with the money exchange services.”
Universal Entertainment announced earlier in July that gross gaming revenue at the Okada Manila grew to nearly PHP17.66 billion (about US$345.4 million) in the first half of 2019, or 44.7 percent more than a year earlier.
The company said first-half VIP rolling chip volume there grew by 31.3 percent to nearly PHP264.09 billion.
Patrons paid just over 2.81 million visits to the casino resort in the first half, 25.1 percent more than a year earlier.
First-half adjusted earnings before interest, tax, depreciation and amortisation at the Okada Manila rose to almost PHP2.63 billion from PHP208 million a year earlier, Universal Entertainment said.
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”I believe it will take more than the offered concession term, 10 years, to see an appreciable increase in inflows of tourists [to Macau] from countries outside the existing tourist catchment areas”
Gaming and governance consultant at Newpage Consulting