Universal Entertainment Corporation is involved in the planning, development, manufacturing and sales of Pachislot and Pachinko machines in Japan. It is also involved in a casino resort project in the Philippines, Okada Manila.
Okada Manila posted a widened operating loss of JPY 1.7 billion (US$16 million) in the first quarter of 2020, due mainly to the suspension of all integrated resort operations from March 15, 2020. Okada Manila’s parent company, Universal Entertainment Corporation (UEC) said this also resulted in a 6.3 percent decrease in net sales in the […]
Okada Manila President Takashi Oya announced to staff on Tuesday that more than one thousand employees would be laid off as part of a retrenchment program to remain “a viable business” in the Covid-19 era. “Not having any revenues since the lockdown has been financially draining and caused severe losses to the company,” Oya’s letter […]
Universal Entertainment announced on Tuesday that monthly reporting on Okada Manila’s financial results would be suspended for the time being due to Covid-19. This followed the announcement on Monday that Universal Entertainment would be delaying its 20Q1 financial report until the end of May. “The company will restart the disclosure of monthly results once the […]
Fitch Ratings has downgraded Universal Entertainment’s credit rating due to the impact of the coronavirus on the gaming industry and said it expects the group’s Okada Manila property to post a 70 percent drop in Q2 revenue.
Universal Entertainment reported on Wednesday that GGR at its Okada Manila IR fell by more than 54 percent year-on-year last month as a result of the March 15 suspension of business. Total GGR came in at more than PHP1.5 billion (US$30 million). Adjusted EBITDA was recorded at a PHP248 million loss for the month of […]
Okada Manila has reported relatively strong financial results for February, with GGR of almost PHP3.3 billion (US$66 million). While this was down from the January figure, it represents a gain of 38 percent on a year-on-year basis. Adjusted EBITDA was at PHP536 million, a year-on-year advance of 48 percent. VIP table games saw revenue gain […]
Universal Entertainment issued a statement on Wednesday revealing that it has won its damages suit against its former Chairman Kazuo Okada, and that he has been ordered by the court to pay an amount totalling nearly US$200,000. The damages suit was originally filed in November 2017 and the Tokyo District Court rendered its verdict last […]
Universal Entertainment posted net sales of almost JPY125 billion (about US$1.1 billion), an increase of 34 percent year on year, and an operating profit of JPY389 million. However, this resulted in a net loss of almost JPY5.2 billion. Net sales in the Amusement Equipment segment increased 22 percent year-on-year, but the company noted that “the […]
Universal Entertainment reported lower GGR at the Okada Manila sparked by a decline in the VIP segment. The January GGR of PHP3.83 billion (about US$76.6 million) was only slightly lower than the previous January’s PHP3.84 billion, but a more considerable fall-off from December 2019’s PHP4.63 billion. EBITDA, however, improved by about 20 percent to PHP781 […]
Universal Entertainment has announced that its Okada Manila resort took in nearly P5 billion (US$100 million) in revenues in December 2019, which was a 76 percent jump over the previous year’s figure. While all segments posted year-on-year revenue gains, it was the VIP table games win that led the charge with growth north of 150 […]
Okada Manila GGR increased by 29.3 percent in November, reaching P3.8 billion (US$75.1 million), led by strong VIP volumes. Analysts from Union Gaming said the VIP results were stronger than expected, with VIP GGR increasing 29.8 percent, reaching P1.9 billion. The brokerage said it has now raised its estimates for 19Q4 VIP rolling chip volume […]
Okada Manila saw gross gambling revenue rise 29.5 percent in September, with strong gains from both the VIP and mass market segment.
Universal Entertainment announced that Okada Manila saw a rise in gross gaming revenue in August 2019, driven by a boost in its VIP business. VIP table games revenue went from P 790 million to approximately P2.0 billion in August 2019, more than a 150 percent increase year-on-year. Mass table games and gaming machine revenue also […]
Universal Entertainment said Okada Manila is opening more hotel rooms to accommodate visitors as its July revenue spiked 48 percent from the prior year.
Universal Entertainment saw its net sales increase 12.9 percent to JPY52.5 billion in the first half of 2019, boosted mainly by growth across all segments at Okada Manila. In a filing on Wednesday, Universal Entertainment an increase in the number of guests at Okada Manila in the period, along with growth in VIP, mass-market table […]
Japan’s Universal Entertainment Corp. said it has introduced two major innovations for slot machines, including a multi-currency option, with both being deployed at its Okada Manila property in the Philippines.
Courts in Japan and the Philippines have rejected appeals from billionaire Kazuo Okada, who is seeking to regain control over his former gaming empire, according to media reports.
Universal Entertainment has released a revised business results forecast for the calendar year 2018 which is sharply lower than what it had projected in May.
Universal Entertainment vowed “to provide necessary information on the company’s financial condition and its business outcomes in a more appropriate manner so as to help investors make judgments on their investments.” The statement indicated that in order to achieve this objective, a new investor relations structure will be put in place across the entire group, […]
Asiabest Group said the recent takeover accord reached with shareholders of Tiger Resort & Entertainment was duly authorized by the company and by its Japanese parent Universal Entertainment.
Philippines-based Tiger Resort Leisure and Entertainment, operator of Okada Manila and a unit of the Universal Entertainment Corporation, will open an office in Tokyo with the aim of entering the domestic IR race.
Universal Entertainment’s Philippine unit, the operator of the Okada Manila, is planning a backdoor listing through the takeover of Manila-traded Asiabest Group (ABG).
Universal Entertainment Group says it is planning to take Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the company behind Okada Manila, public in 2019. Universal said the move will help to accelerate TRLEI’s growth and raise its name recognition. Details will be disclosed as they are finalized, said the company. The note was made in […]
Japanese gaming mogul Kazuo Okada and an associate have been arrested by Hong Kong’s anti-corruption watchdog, according to a filing from Universal Entertainment Corp. According to local media reports, Okada and his associate, Li Jian, have been held by the Hong Kong Independent Commission Against Corruption (ICAC) for conspiracy to defraud Okada Holdings of $19.7 […]
Universal Entertainment Corp, the company behind Okada Manila, is planning an intra-group “organizational realignment” aimed at protecting its businesses from “unsuitable individuals”. The restructuring was announced in a filing to JASDAQ on Friday last week. In order to achieve this, Limited Liability Company ABC will become the direct parent of Universal’s casino-related businesses, including Tiger […]
Universal Entertainment Corp, the parent company behind Okada Manila, is looking to acquire licenses in the United States for the manufacture of equipment and devices used in its casino operations, according to a company statement. The Japan-listed company is the owner of Tiger Resorts Leisure and Entertainment, which in turn owns and operates Okada Manila, […]
Philippine prosecutors in Paranaque and Makati cities have dropped all charges filed against Japanese gaming billionaire Kazuo Okada.
Constitutional Democratic Party of Japan lawmaker Takashi Takai delivered a broadside against the domestic pachinko industry’s hopes of participating in IR casinos in a series of pointed questions submitted to the government on May 9, suggesting that they are morally unfit. After pointing out that “pachinko offers services that are substantially equivalent to gambling” and […]
Universal Entertainment said it plans to seek a stock market listing for the company that controls its Okada Manila property within the next two years as it positions for further growth.
Universal Entertainment has filed civil and criminal complaints against Aruze Gaming America and billionaire Kazuo Okada claiming its patent rights were violated and seeking compensation.
Universal Entertainment said it has filed a lawsuit in the U.S. against its former Aruze Gaming America unit and former Chairman Kazuo Okada for alleged patent violations. The company said in a press statement that it filed suit in a District Court of the State of Nevada on March 30, seeking compensation from the two […]
The Department of Justice (DOJ) has issued a lookout bulletin against Kazuo Okada, who is now facing two counts of fraud and perjury, local media reports. The Immigration Lookout Bulletin Order (ILBO) was issued on Thursday by Justice Secretary Vitaliano Aguirre, who has mandated that all immigration officers in the country’s airports and seaports to […]
A further legal chapter in the long-running dispute between Japanese billionaire Kazuo Okada, Steve Wynn and his former wife, has been closed, potentially paving the way for the sale of their holdings in Wynn Resorts. In a Securities and Exchange Commission filing, Wynn Resorts said that Steve and Elaine Wynn presented the Judicial District Court […]
Universal Entertainment shares slumped a further 13 percent Monday, continuing a decline triggered by last week’s settlement of a legal case with Wynn Resorts. The stock dropped from 6,250 yen before news of the settlement Thursday to 4,590 yen by the end of the day Monday, a loss of more than 26 percent of its […]
Universal Entertainment Corporation said it expects to record a significant jump in net income for the fiscal year ended Dec. 2018 as a result of the $2.4 billion settlement from Wynn Resorts. On Friday, the U.S-based casino operator announced an end to its long running legal battle with Universal, paying a $2.4 billion settlement to […]
U.S.-based Wynn Resorts has ended its long running legal battle with Universal Entertainment by agreeing to pay a settlement of $2.4 billion. The settlement is part of a battle between Wynn Resorts and Universal founder Kazuo Okada, who was an early investor and board member of Wynn but was ousted after a falling out with […]
Universal Entertainment Corporation, operator of Okada Manila, recorded a net loss of JPY 13.4 billion for the nine months ended December 31, 2017, due mainly to an operating loss from its casino and resorts business. Net sales was recorded at JPY 68.5 billion, while operating loss was JPY 9.8 billion. In its casino resort business, […]
Universal Entertainment Corporation has announced that it has entered into an agreement with Guangcai Group to establish a 50-50 joint venture corporation for the sales and maintenance of its casino-related devices in Southeast Asia. The joint venture corporation, named Hong Kong Guangcai Universal Entertainment Limited, will be involved in the sales and maintenance business for […]
Universal Entertainment Corp, the parent company behind Entertainment City’s Okada Manila, has announced its plans to start operating its all-weather beach club, nightclub and space, Cove Manila, starting in December. Universal said the dome was a key symbol for the casino. Once opened, the space will be able to host around 5,000 guests for a […]
Japan’s Universal Entertainment says it has no knowledge of plans by former chairman Kazuo Okada to obtain a backdoor listing for the country’s Philippine unit in Manila. Earlier this week, newspaper reports said that Okada would acquire the management rights of a listed company in the Philippines. He planned to merge the group’s Okada Manila […]
Japanese gaming supplier Universal Entertainment Corporation has denied a recent report suggesting that Kazuo Okada has been reinstalled as a director of Okada Holdings Ltd, its parent company. “Upon verifying the situation with Makoto Takada and Atsunobu Ishida, whom the company understands to be registered as directors of OHL, the company received the response that […]
Japanese slot machine manufacturer Universal Entertainment Corp says it has completed its third-party investigation into the alleged “fraudulent acts” conducted by gaming mogul Kazuo Okada between 2013 and 2015. The final investigative report, which was disclosed earlier this week, found Mr. Okada to be guilty of three separate fraudulent acts. The first act occurred between […]
The Japanese Supreme Court has denied an appeal filed by Universal Entertainment Corp. in relation to its defamation case against news outlet Reuters. The Supreme Court last week ruled that Universal did not have the grounds for appeal. Universal Entertainment sued Reuters in 2012, after the news outlet published stories about illegal payments made between […]
Japanese gaming mogul Kazuo Okada has reportedly filed a lawsuit against his son, daughter and wife in an attempt to regain control of Okada Holdings Ltd, Reuters reports. Hong Kong-based Okada Holdings Ltd is the majority owner of Tokyo-listed gambling machine maker Universal Entertainment Corp. Speaking to Reuters on Thursday, Okada said the lawsuit was […]
Okada Manila parent company, Universal Entertainment Corp has announced elected a new board of directors on Thursday, and it appears the firm’s founder, Kazuo Okada is not on it. According to a company filing to JASDAQ on Thursday, the company’s shareholders approved the new board at the 44th General Meeting of Shareholders, along with a “new […]
Gaming mogul Kazuo Okada has been ousted as the chairman of Tiger Resort, Leisure, and Entertainment Inc, as a result of an investigation over an alleged improper transfer of funds. Earlier this month, parent company Universal Entertainment Corp announced it is investigating the possibility of “fraudulent acts” related to a JPY 2 billion loan conducted […]
Japanese slot machine manufacturer, Universal Entertainment Corp says it is investigating the possibility of “fraudulent acts” related to a JPY 2 billion loan conducted by its founder and chairman Kazuo Okada in 2015. In an extraordinary board meeting held on May 23, 2017, a report made by Mr. Nobuyoshi Ichikura, a full-time corporate auditor of […]
Japan’s Universal Entertainment is disposing of treasury shares through an international offering and third-party allotment to raise funds for operations at its $2.4 billion Okada Manila resort in the Philippines. The company said the shares will be issued in two separate operations, one an offer to international investors and the other, through a third-party allotment […]
Wynn Resorts is attempting to overturn two district court orders directing it to hand over documents to Japanese gaming mogul Kazuo Okada as part of a long-running dispute over his ousting in 2012. Okada was removed from Wynn’s board in 2012 after it was revealed he was being probed for corruption, and was forcibly made […]
Okada Manila parent company, Universal Entertainment Corporation has revised its forecasted net income for the fiscal year ending March 31, 2017 to JPY 270.5 billion (US$2.4 billion). According to the company’s filing on JASDAQ, the revision is a result of strong sales of new models earlier this year, as well as more efficient development and […]
Universal Entertainment Corp. chairman Kazuo Okada says the Philippine gaming market could soon surpass Singapore as more Chinese tourists flow into the country, local media reports. Okada made the comments last week, praising President Rodrigo’s efforts in improving relations with China. “A lot of Chinese are coming into the Philippines, and that will improve more […]
Universal Entertainment has lost an appeal in a defamation suit against Reuters after a court upheld an earlier ruling that found the news agency did not imply bribery in an article about the company. The Japanese firm sued Reuters in December 2012, demanding 200 million yen ($1.8 million) and apologies, for stories relating to $40 […]
Tiger Resort, Leisure and Entertainment says it’s on track to open Okada Manila by year end, becoming the third and biggest property to open in Entertainment City. The new opening date is a month later than originally scheduled. Okada Manila is well on its way to completing its first phase which covers 22 hectares of […]
Universal Entertainment said it has placed $400 million in notes, securing a “significant majority” of the construction costs for its $2.4 billion Okada Manila resort in the Philippines. The notes mature in August 2020 and carry interest at 8.5 percent per annum, the company said in a regulatory filing. Deutsche Bank acted as the placing […]
Universal Entertainment says it’s carefully considering the optimal opening time for its new integrated resort in the Philippines, which had been set to open in December this year. In a release, the Japan-based company said the Okada Manila has not “lagged markedly” from its original plan. However, progress has differed due to adverse weather conditions. […]
Kazuo Okada’s Manila Bay Resorts is on track to open by year end, local media reports. Tiger Resort president Steve Wolstenholme recently commented that the company remains confident about the opportunities in the country despite being the third player to open a gaming facility in Entertainment City. “The investment is on time. We will open […]
Philippines-based Tiger Resort Leisure and Entertainment Inc received a PHP 37.6 billion (US$809.9 million) loan to partially finance costs for the Manila Bay Resorts casino resort. The announcement was made in a results filing from its parent company, Japan’s Universal Entertainment Corp on Friday. According to the filing, the lender is BDO Unibank, who executed […]
Japan’s Universal Entertainment Corp has announced it expects to record an 8.6 decline in profit in the fiscal year ending Mar. 31 at JPY9.3 billion (US$81.9 million), according to a recent announcement. The company, which is currently investing in the Manila Bay Resorts casino development in the Philippines, is run by gaming entrepreneur Kazuo Okada […]
Japanese billionaire Kazuo Okada will have to travel to the U.S. to face questioning over events leading to his ousting from Wynn Resorts’ board after failing to overturn a Nevada court order, Bloomberg reports. The ruling last Thursday from the Nevada Supreme Court upholds an earlier decision by a lower court that ordered Okada, head […]
Universal Entertainment has dropped demands for damages against three employees in a case related to unauthorized payments to its casino project in the Entertainment City hub in the Philippines. The waiver was filed on Friday to the Tokyo District Court, Reuters cited the company as saying. The company, controlled by billionaire Kazuo Okada, had sought […]
Universal Entertainment Corp will list $600 million-worth of notes on the bond market with effect from Tuesday morning. The company will use the proceeds to repay its existing short-term debt and to go towards constructing and developing its Manila Bay Resorts property. The notes will be quoted and traded in U.S. dollars and be in […]
Universal Entertainment Corp posted net income of JPY10.17 billion ($81.5 million) for the financial year ended March 31, an 8.1 percent increase on the previous year’s net income. Universal, which is made up of 27 subsidiaries and two affiliates, is engaged in the development, manufacture and sale of pachislot and pachinko gaming machines and an […]
Tiger Resort, Leisure and Entertainment announced it has partnered with a local Filipino firm to develop its Manila Bay Resorts project and build apartments, office towers and an opera house. The firm, All Seasons Hotels & Resorts Corp, headed by Antonio Cojuangco, will develop the non-gaming portion of the Manila Bay Resorts. “I can’t match […]
The Philippine Amusement and Gaming Corp. is still considering a request from Japan’s Universal Entertainment to extend the deadline for completion of its planned resort in Manila’s Entertainment City, Reuters reported. The company risks having its license for the $1.6 billion project suspended because of the delays. “They want to have an extension. We are […]
Universal Entertainment Corp announced that it will defend a lawsuit filed by an individual shareholder of the company claiming damages of nearly 421.6 billion yen ($3.42 billion). The claim stems from alleged losses as a result of action Wynn Resorts took to forcibly redeem chairman Kazuo Okada’s holding in the U.S. company after accusing him […]
Japan’s Universal Entertainment may have overcome a roadblock that was delaying its $2 billion integrated resort in Manila by selling its stake in a local affiliate that owns the majority of the land on which the casino is being built, according to media reports. Universal, controlled by billionaire Kazuo Okada, has sold its entire 40 […]
Tiger Resorts Leisure and Entertainment, the Philippine affiliate of billionaire Kazuo Okada’s Universal Entertainment, may have found a local partner for its Manila resort project, according to local media reports. The Star newspaper cited company officials as saying the company will announce a local partner “in the very near future” and is on track to […]
Japanese billionaire Kazuo Okada and his group have settled a legal dispute over a failed real estate venture with Century Properties in the Philippines, according to media reports. The developer was partnering with a property-based affiliate of Okada’s Universal to develop real estate and retail properties on the site of Universal’s planned integrated resort development […]
Tiger Resorts Leisure and Entertainment has lost a $2.2 million guarantee paid to the Philippine gambling regulator and its provisional gaming license is at risk of suspension because of delays in building its integrated resort in Manila. The company, a unit of Japan’s Universal Corp, had asked the Philippine Gaming and Amusement Corp. for a […]
The Philippines’ Department of Justice has refuted a statement by Universal Entertainment saying that the National Bureau of Investigation has concluded its probe into allegations the company was involved in a bribery scandal. Amid an investigation into the company on suspicion a unit of Kazuo Okada’s Universal Entertainment Corp. paid a $5-million bribe to a […]
“I hate gambling. I do not want it. “There will be no casinos outside of what are existing. I am not granting anything.”
Okada Manila, owned by Japan’s Universal Entertainment, is the new comer to Entertainment City, holding a soft opening for the resort in late 2016. At 44 hectares, the property is by far the biggest in the complex and the rollout of hotels and other facilities is continuing. At its completion of Phase One, Okada will have 994 hotel rooms and operate 500 tables and about 3,000 slots. Its centrepiece is the world’s largest coloured fountain, as well as a giant inner city beach complex, known as “Cove Manila”. Managing Director Steve Wolstenholme spoke to AGB about the progress of the rollout and his optimism about non-gaming opportunities in the Philippines.
Filipinos’ well known love for entertainment means the country’s casinos may see significant upside from their non-gaming attractions if they get the mix right, giving Macau a run for its money when it comes to creating a diversified entertainment hub in Asia. Morgan Stanley estimates non-gaming may account for 20 percent of what it projects will be a $5 billion market by 2020.
Anyone visiting Manila in recent weeks may have noticed a distinct plum-colored tone to the local billboards and ads. The campaign has been part of an initiative to raise awareness for Universal Entertainment’s $2.4 billion Okada Manila resort, which is scheduled to preview next week. It will be the largest resort to open yet in the entertainment complex, which has seen robust growth.
As Tiger Resort Leisure & Entertainment's property in the Philippines begins to take its place on the Manila skyline, the sheer size and scale of the project is becoming apparent. The resort will be the third to open in the Entertainment City gaming hub and will be the biggest so far, on a site of about 44 hectares. The project stems from the vision of Japanese tycoon Kazuo Okada, who has a long association with the Philippines and a long-term faith in its future potential. AGB recently sat down with Tiger president Steve Wolstenholme who provided an update on progress and why he's so enthusiastic.
The Philippine gaming market is expected to be one of the fastest growing in Asia this year, though early signs of cannibalization amongst newly opened resorts has led to some concern the market may not be deep enough to support the planned multi-billion properties.