Japanese pachinko, slot and arcade games manufacturer, Universal Entertainment Corporation, has reportedly announced that last year saw its Okada Manila integrated casino resort record adjusted earnings before interest, tax, depreciation and amortization of around $41 million.
According to a report from GGRAsia, the Tokyo-listed firm used an official Thursday filing to detail that its Philippines facility had amassed gross gaming revenues for the whole of 2018 of almost $521.52 million and that this had included some $148.09 million from the giant venue’s collection of gaming machines. The operator also explained that Okada Manila had seen its annual mass-market table game takings hit $131.04 million while this overall tally had been further enriched by approximately $242.39 million from VIP players.
Located in the Entertainment City district some seven miles south of the center of Manila, the 110-acre Okada Manila is run by Universal Entertainment Corporation’s local Tiger Resort Leisure and Entertainment Incorporated subordinate and reportedly moreover saw its non-gaming revenues for 2018 reach $33.53 million.
Regarding the final month of 2018, GGRAsia reported that Okada Manila had seen its gross gaming revenues decline by 13% year-on-year to stand at around $48.28 million although takings from its activities away from the gaming floor had hit an all-time high of $5.72 million.
Universal Entertainment stated that December had seen Okada Manila chalk up overall earnings before interest, tax, depreciation and amortization of almost $9.11 million while total monthly visitors numbers had surpassed 500,000 for the first time. It purportedly blamed the comparative slump in gross gaming revenues for the 31-day period on ‘lower win rates’ across all casino segments at the same time as noting that machine handle, mass-market table drop and VIP rolling rates had improved when compared with the previous month.
Arrest warrant for Okada:
GGRAsia reported that the news from Universal comes exactly a week after a court in the Philippines issued an arrest warrant for its former Chairman, Kazuo Okada, concerning three charges of supposed fraud. The 77-year-old was purportedly removed from the casino firm’s board in 2017 over allegations that he had misappropriated some $20 million in company funds while last month saw the Philippines Department of Justice recommend that the billionaire businessman be charged over claims that he had swindled Tiger Resort Leisure and Entertainment Incorporated out of around $3.15 million in salary and consultancy fees.
The Reuters news service reported on Sunday that Okada had been questioned over similar claims in August and is currently on bail in Hong Kong. It additionally confirmed that he has since filed a motion for reconsideration with the Philippines Department of Justice and has had his latest bail for all three charges set at a $6,627.