• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Universal Ent flags 2018 profit jump on Wynn deal

Mar 12, 2018 Newsdesk Japan, Latest News, Top of the deck, World  


Universal Ent flags 2018 profit jump on Wynn deal

Japanese gaming conglomerate Universal Entertainment Corp says it expects a huge uplift in profit for financial year ending December 31, 2018, as a result of a settlement agreement with Wynn Resorts Ltd regarding the 2012 cancellation at discount of Wynn Resorts stock held by Universal Entertainment unit Aruze USA Inc.

Universal Entertainment said in an English-language filing carrying Friday’s date and filed with Jasdaq that the settlement announced on Thursday would gross it US$2.63 billion.

The Japanese firm said that its annual profit was now forecast to be JPY195.5 billion (US$1.83 billion), compared to its previous estimate of JPY15.9 billion, an increase of nearly 1,130 percent on the prior lookahead.

Universal Entertainment said the change was due to “the recognition of ordinary income and net income from the proceeds based on the settlement agreement… with Wynn Resorts Ltd,” announced on Thursday by the latter company.

Universal Entertainment said the net gain from the settlement – amounting to JPY179.6 billion – was after deduction of the previously-carried book value to the Japanese conglomerate regarding its Wynn Resorts’ holding – amounting to approximately JPY48.4 billion – and after deduction of “various expenses such as attorneys’ fees” amounting to JPY228.7 million.

Universal Entertainment had clarified in another filing, also carrying Friday’s date, that Kazuo Okada, the founder and former chairman of Universal Entertainment, was not a party to the settlement announced on Thursday by Wynn Resorts.

“Nothing in the settlement agreement is intended to be construed as giving a release of any kind to Kazuo Okada. Further, the company and Wynn Resorts have agreed to reasonably cooperate with each other in any future litigation against third parties,” stated the Japanese conglomerate.

Universal Entertainment has been in dispute with its founder amid – among other things – making allegations against him of “three acts of fraudulence” in relation to company funds. Mr Okada has denied wrongdoing.


  • tweet
Related articles
  • Likely some UAE gaming regulation this year: JPM
    Likely some UAE gaming regulation this...

    Sep 18, 2023  

  • 26 Capital disappointed by ruling on Okada Manila merger
    26 Capital disappointed by ruling on...

    Sep 13, 2023  

More news
  • Grand Hyatt MICE revamp before year end: Melco CEO
    Grand Hyatt MICE revamp before year...

    Sep 21, 2023  

  • Melco to help Macau govt revitalise some Inner Harbour piers
    Melco to help Macau govt revitalise...

    Sep 21, 2023  


Latest News

Grand Hyatt MICE revamp before year end: Melco CEO

Grand Hyatt MICE revamp before year end: Melco CEO

Sep 21, 2023  

Lawrence Ho Yau Lung, chairman and chief executive of casino group Melco Resorts & Entertainment Ltd, has confirmed to GGRAsia that before year-end it will start revamp work for the meeting space...
Read More
Melco to help Macau govt revitalise some Inner Harbour piers

Melco to help Macau govt revitalise some Inner Harbour

Sep 21, 2023  

GEN Malaysia stable outlook, rebound taking its time: Fitch

GEN Malaysia stable outlook, rebound taking its time: Fitch

Sep 21, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Genting Malaysia’s revenue rebound has been slower than our expectations, and the impact on leverage has been compounded by Empire’s weak metrics”

Akash Gupta, Shiv Kapoor and Hasira De Silva

Analysts at Fitch Ratings



Most Popular

  • Macau logs 3.2mln visitors in Aug, only 4pct from overseasMacau logs 3.2mln visitors in Aug, only 4pct from… September 20, 2023
  • Golden Week Macau GGR to be 17pct up on rest of Oct: MSGolden Week Macau GGR to be 17pct up on rest of Oct: MS September 21, 2023
  • No swift resumption of dividends for most Macau ops: GSNo swift resumption of dividends for most Macau ops: GS September 19, 2023
  • LT Game readies new LMG product as Macau recovers: ChunLT Game readies new LMG product as Macau recovers: Chun September 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us