Universal revises forecasts after $2.4 bln settlement

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 Universal and its subsidiary Aruze USA.

The settlement was in relation to a dispute with the then Universal founder Kazuo Okada over Wynn Resort shares.

As a result of the settlement, Universal said it has revised its net income forecast from JPY 15.9 billion to JPY 195.5 billion, more than a 1000 percent increase.