GGRAsia – Okada Manila posts US$151mln net sales in Apr-Dec 2017

Okada Manila posts US$151mln net sales in Apr-Dec 2017

Feb 15, 2018 Newsdesk Latest News, Philippines, Top of the deck

Philippine casino resort Okada Manila (pictured) posted net sales of nearly JPY16.05 billion (US$150.5 million) and an operating loss of JPY9.02 billion for the nine months ended December 31, 2017, as outlined in the latest filing of its parent firm.

The parent, Japanese gaming conglomerate Universal Entertainment Corp, gave the news in a Wednesday filing to the Tokyo Stock Exchange. The group added that it expected the casino resort business segment “to grow to become the second core business alongside the pachislot and pachinko business in 2018.”

The filing also said the property was now “on the final stage of construction, which includes completing more hotel rooms, in preparation for full opening of Okada Manila.”

The document added: “Construction of the fine dining section with high-end restaurants and shopping mall is also nearing completion and some tenants are expanding operations… Total sales at Okada Manila, led by the casino business, are growing as visitor numbers to the casino resort rise.”

The filing stated that the “start of full-scale operations of a VIP casino” in 2018 “is expected to make a big contribution to sales” at Okada Manila. No detailed schedule for the opening of the facility was provided.

Okada Manila, promoted by Universal Entertainment’s unit Tiger Resort, Leisure and Entertainment Inc, had a progressive soft opening, starting in December 2016 with some amenities but excluding at that time the hotel accommodation.