Japanese gaming conglomerate Universal Entertainment Corp says gross gaming revenue (GGR) at the group’s Okada Manila casino resort in the Philippine capital fell 41.0 percent year-on-year in the first quarter of 2021. Such GGR was nearly PHP5.10 billion (US$1.05 billion), compared with PHP8.64 billion in the first three months of 2020.
Universal Entertainment’s subsidiary Tiger Resort, Leisure and Entertainment Inc operates the Okada Manila casino resort (pictured).
The group noted that its performance in most of the first quarter of 2020 had not been affected by restrictions linked to measures to stem the spread of Covid-19.
Okada Manila had been enjoying “normal operations until March 14, 2020, but suspended operations from March 15 to 31, 2020,” said the parent company in a filing on Friday. “In the current fiscal year, some operations have continued under certain restrictions,” it added.
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Pachinko growth not enough as Philippines IR Okada Manila drags down Universal Entertainment Corp in 2020
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Japan’s Universal Entertainment Corp has reported a consolidated loss attributable to owners of the parent of JPY19.22 billion (US$183 million) in 2020, with gains in its pachinko segment offset by the impact of COVID-19 on its Philippines integrated resort, Okada Manila.
According to the company’s FY20 results, published Friday, Okada Manila posted a 61.2% decline in net sales to JPY27.70 billion (US$264 million), down from JPY71.41 billion (US$650 million) in 2019, as a result of the COVID-19 pandemic. The Philippines government ordered all casinos closed from 15 March and it was almost six months before they were allowed to resume operations from 9 September with capacity capped at 30%. Those restrictions remain in place to this day.