Sega Sammy Holdings’ financial report issued on Wednesday showed the firm recording rising sales and soaring profits.
Net sales for the year ending March 31 came in at JPY366.6 billion (US$3.4 billion), which represented a 10.5 percent increase, but the profits attributable to the owners was almost 13.8 billion, a 421 percent year-on-year rise.
The pachinko and pachislot machine segment recorded net sales of JPY108.4 billion, an increase of 6.8 percent, and operating income was JPY24,9 billion, an increase of 84.8 percent.
At the Phoenix Seagaia Resort, net sales in this segment were JPY10.4 billion, but the facility has yet to achieve profitability.
The company did not offer any forecasts for the coming year, observing that “the current global pandemic of the Covid-19 is spreading and at this point it is not possible to predict when it will come to an end. In addition to this, there are concerns over other various uncertainties, including the impacts from the spread of Covid-19 on domestic and overseas economic activity, the sense of uncertainty over the economic outlook, and restrictions over consumer activities.”
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
In a series of court hearings, Imperial Pacific International has made various excuses as to why it has been unable to meet its commitments. The lawyer for Chairwoman Cui Li Jie claims that she is ignorant of the US legal system and is, in any case, powerless to fulfill the court’s demands. Attorney Michael Dotts, meanwhile, is arguing that IPI simply does not have the funds to pay what it owes under the consent judgement. However, in another case dealing with sexual harassment, former CNMI Senator Ray N. Yumul appears to have begun his work representing IPI as its CEO.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.