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Universal Entertainment’s profit up 150% to $189 million in 2023

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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.

The significant growth is fueled by heightened demand for pachinko and pachislot machines, as well as a surge in visitors to its integrated resort (IR), Okada Manila, located in the Philippine capital.

According to the company’s FY23 financial results, Universal reported a 26.9 percent uptick in net sales, reaching JPY179 billion ($1.2 billion), while operating profit also surged by 152 percent to JPY30.5 billion ($203 million).

The company attributed its robust performance primarily to its Amusement Equipment Business, citing strong sales and earnings driven by high demand for machines compliant with the 6.5 standard and smart Pachislot machines.

With the introduction of several popular new titles, unit sales in this segment surged from 150,048 in 2022 to 180,632 in 2023, resulting in a 35.1 percent increase in sales to JPY81 billion ($539 million) and segment profit reaching JPY24.1 billion ($160 million).

Regarding the IR segment, Universal Entertainment notes that ‘the number of visitors increased throughout 2023 and the volume of business increased in all categories’.

In the casino category, there was a ‘big increase’ in revenue in the VIP, mass market table games, and gaming machines sectors.

Furthermore, there were many events for specific periods and measures to bring more restaurants and stores to the resort now that the impact of the pandemic has mostly ended.

‘Overall, EBITDA after adjustments rose to a record high in 2023 in the Integrated Resort Business despite a temporary downturn in revenues caused by an IT system problem.’

As part of its future outlook, Universal anticipates an 11.7 percent increase in net sales to JPY200 billion ($1.33 billion) in 2024. However, the company projects a decline of approximately 31 percent in net income attributable to owners of the parent, expected to amount to JPY19.6 billion ($130 million).

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