In the Philippines, Universal Entertainment Corporation has reportedly announced that it intends to premiere the new beach-themed Cove Manila attraction inside its Okada Manila integrated casino resort in December.
According to a report from Inside Asian Gaming, the revelation featured in the Japanese firm’s third-quarter financial results and described Cove Manila as an ‘all-weather dome’ that is set to feature a nightclub, beach club and space for some 5,000 revelers.
“The dome will be a key symbol of this casino along with The Fountain, which made its debut in March [of] 2017,” read a statement from Tokyo-listed Universal Entertainment Corporation. “Furthermore, earnings continue to increase due to the completion of a VIP casino and other measures.”
Okada Manila, which is operated by Universal Entertainment Corporation subordinate Tiger Resort, Leisure and Entertainment Incorporated, held a soft launch of its gambling facilities in December but a variety of construction activities continue with the property reporting quarterly casino revenues of only $78.34 million.
“The plan is for Okada Manila to start making a material contribution to consolidated performance once this resort and casino holds its grand opening,” read the statement from Universal Entertainment Corporation.
Universal Entertainment Corporation is also a major manufacturer of pachinko, slot and arcade games with Inside Asian Gaming reporting that its six-month consolidated operating profit declined by 56.7% year-on-year to a deficit of $90.5 million. While some $62.49 million of this loss purportedly came from spending on Okada Manila, net quarterly sales dipped by 23.3% to approximately $381.89 million with the firm moreover declaring a shortfall in three-month income of around $58.21 million.
However, Inside Asian Gaming cited expert analysis that calculated Okada Manila, which is located in Manila’s Entertainment City gaming and entertainment district, had doubled its local “market share during the quarter to around 13%,” with a recent report from Morgan Stanley predicting that this could grow to as high as 32% by the end of 2019.