Japan's Universal Entertainment has faced a legal setback, after the Tokyo High Court delivered a verdict against its founder and CEO, Jun Fujimoto, in a shareholder lawsuit.

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.

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.

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.

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.

Universal Entertainment Corp on Monday said it recorded a JPY19 billion (US$164.9 million) loss for the fiscal year ending December 31, 2021, though its integrated resorts business in the Philippines performed strongly, particularly towards the end of the year.

Universal Entertainment Corp is expecting to record a loss of JPY18.8 billion ($165.3 million) for the year ended December 31, 2021.

Japan-listed Universal Entertainment is planning to raise US$143 million in privately placed additional notes due 2024.