Universal Entertainment posts net sales of US$220m for Q1
Net sales were down 3 per cent year-on-year.
The Philippines.- Universal Entertainment Corp has recorded net sales of JPY34.4bn (US$220m) for the first quarter of the year. That’s a decline of 3 per cent when compared to last year, mainly attributed to a decline in the net sales of its integrated resort business.
Universal Entertainment’s Okada Manila posted net sales of JPY20.4bn (US$220m), down 15.5 per cent year on year, and an operating profit of JPY1.18bn (US$7.5m), down 57.2 per cent. The venue reported an adjusted segment EBITDA of JPY6.03bn (US$38.6m), down 24 per cent year-on-year amid a decline in VIP rolling chip volume. A decline in the win rate for VIP table games from 3.4 per cent to 2.8 per cent led to a downturn in gaming earnings.
The amusement equipment business sold 28,014 units, an increase of 3,111 compared to the same period last year. Net sales rose 24.4 per cent year-on-year to JPY13.9bn (US$88.9m), and operating profit increased by 26.7 per cent to JPY3.93bn (US$25.1m). This growth was driven by the strong performance of new smart Pachislot machines among pachinko hall operators.
In the hotel management category, the average room price and room occupancy rate were about the same as last year. For full-year 2023, the company posted net sales of JPY179bn (US$1.2bn), up 26 per cent year-on-year and an operating profit of JPY30.5bn (US$203m), up 152 per cent.
