GGRAsia – Okada Manila sales rising daily: Universal Ent

Okada Manila sales rising daily: Universal Ent

Jan 25, 2017 Newsdesk Japan, Latest News, Philippines, Top of the deck

Sales at the recently-opened Okada Manila casino resort (pictured) in the Philippines “are currently expanding on a daily basis,” parent Universal Entertainment Corp said in a filing to Jasdaq.

The firm did not provide detail on sales volumes or growth rates.

The firm added that earnings of Okada Manila will be included in Universal Entertainment’s quarterly reporting period commencing April 1, 2017.

“Since the company consolidates its overseas subsidiaries with a quarterly lag, it will be fully reflected in the consolidated earnings from the next period,” said Universal Entertainment in the filing published in English on Tuesday, referring to Okada Manila, which had a soft launch in December, including the gaming and catering, but excluding the hotel facilities.

The property is promoted by Tiger Resort, Leisure and Entertainment Inc, a firm controlled by Universal Entertainment. The latter is controlled by Japanese gaming entrepreneur Kazuo Okada.

The official launch date of Okada Manila is still to be announced, although the end of February has been mentioned.

The group is financing much of the Manila project via debt. In October, Universal Entertainment said it had concluded a private placement of notes valued at US$400 million in order to “complete the construction of Okada Manila”.

The placement, through Deutsche Securities Inc, was related to a private placement of US$600-million in notes with five-year maturity announced in August 2015.

On Tuesday, Universal Entertainment – which currently makes most of its money via the sale of pachinko gaming equipment for the Japan market – announced it was revising upward its forecast for net income in the financial year ending March 31.

It said such income for the period was expected to increase by more than double compared to a previous estimate, to reach JPY20.0 billion (US$176.3 million) thanks to “brisk sales of new [game] models” and improved efficiencies in development and manufacturing.