Okada Manila disappointment for Universal Entertainment Corporation

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.”

Source: Worldcasinodirectory, Worldcasinonews

CashiMashi Casino Review cashiMashi casino review
300% bonus! Deposit €10 and receive €30 extra!
Terms & Conditions Read MORE
Kakadu Casino Review
Welcome Package €/$ 700 + 150FS
Terms & Conditions Read MORE
William Hill
Get 100 Free Spins When you Stake £10
Terms & Conditions Read MORE
100 % Sign In Up to 500 EUR + 200 FREE SPINS
Terms & Conditions Read MORE