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.
Lingering limit:
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.
Substantial shortfall:
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.”