Japanese pachinko, slot and arcade games manufacturer Universal Entertainment Corporation is reportedly continuing to be adversely impacted by the coronavirus-induced drop in revenues from its Okada Manila integrated casino result.
According to a report from Inside Asian Gaming, the Tokyo-listed giant used an official Thursday filing to detail that company-wide net sales for the first nine months of 2020 fell by 17.5% year-on-year to approximately $736.51 million as its sole Philippines venue recorded an analogous 58.6% decline to around $196.32 million. The source detailed that the Japanese firm opened the 993-room Okada Manila development via its Tiger Resort Leisure and Entertainment Incorporated vehicle in December of 2016 but has recently been seriously hurt owing to an over five-month shuttering of the suburban Manila property due to the coronavirus pandemic.
Although the temporary closure of Okada Manila with its 284,283 sq ft casino was lifted from September 9, the Entertainment City enterprise reportedly remains subject to a 30% coronavirus-related capacity restriction that is not expected to be eased until well into the new year. As a consequence and the prestigious venue has purportedly seen its third-quarter net sales plummet by about 91% year-on-year to stand at slightly over $42.56 million, which followed off a first half in which its aggregated receipts decreased by some 48.8% to approximately $153.64 million.
This most recent dip reportedly pushed Universal Entertainment Incorporated’s overall earnings before interest, tax, depreciation and amortization for the first nine months of 2020 down by a little beyond 1% year-on-year to slightly in excess of $198.59 million despite the company having chalked up strong growth from its domestic pachinko and pachislot businesses. The firm purportedly explained that takings from these latter interests had grown by 102.7% to reach $221.04 million although they were subsequently hurt by an associated Okada Manila deficit in the region of $22.45 million.
Reportedly read the filing from Universal Entertainment Corporation…
“The impact of coronavirus has not ended. Okada Manila will continue to maintain high levels of hygiene management to prevent infections.”