Japan’s Universal Entertainment has announced a 147 percent surge in net income attributable to parent owners, reaching JPY28.4 billion ($189 million) in 2023.

Universal Entertainment sees its investment into Cebu-based Emerald Bay as its “next step”, according to the Chief Managing Director of Okada Manila, as the group is expecting even stronger returns next year.

Universal Entertainment's Okada Manila saw a strong revamp in gross gaming revenue during the third quarter, rising to PHP12.35 billion, up some 29.7 percent yearly, as VIP, mass and gaming machines saw increases year-on-year.

Japan’s Universal Entertainment has raised its 2023 profit forecast by 51.8 percent, citing the strong performance of its Philippines integrated resort Okada Manila as the primary reason for the improved outlook.

Okada Manila operator Universal Entertainment Corp says that it is expecting Special Purpose Acquisition (SPAC) company 26 Capital to appeal a recent decision by a US court judge that the company does not have to complete a proposed $2.5 billion merger to list the operator on the NASDAQ.

A top US judge has ruled that the operator of Okada Manila, Universal Entertainment Corp, does not have to complete a Special Purpose Acquisition Company (SPAC) merger with 26 Capital Acquisition Corp.

Ratings agency Fitch has affirmed its Universal Entertainment (UE) 'stable' outlook, estimating that the company’s integrated resort (IR) revenue will rise by 40 percent this year, to be followed by more modest growth of around 20 percent in 2024 and 2025.

Okada Manila operator Universal Entertainment says that it is planning to ‘target demand within the Philippines, as gaming demand within the country is ‘steadily expanding’. In its consolidated results announcement on Tuesday, the group reconfirmed its previously announced fourth-quarter gross gaming revenue amounts for the operation, with 4Q22 GGR up nearly 50 percent, to $192.68 million.

The parent company of Okada Manila, Universal Entertainment Corp, says that it’s expecting ‘an extraordinary loss’ of approximately JPY1.6 billion ($11.48 million) in the third quarter, associated with ‘the illegal occupation by Mr. Okada and a group acting under his instructions of Okada Manila.

Universal Entertainment Corp swung to a positive net income of JPY10.9 billion ($84.3 million) for the quarter ending March 31, 2022, owed to an increase in sales within its amusement equipment business, and a shedding of capacity constraints from March 1 for its integrated resorts business.