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.

Whole-year GGR was up 81.5 percent yearly, to $630.21 million. The majority of the revenue was derived from VIP play, totaling $244.96 million, a yearly drop of nearly 40 percent.

Despite the VIP GGR figures, the group in its results claim that revenue increases overall were driven by the mass market.

During the year, the group saw a hotel occupancy rate of 82.1 percent, with some 4.35 million visitors to the property.

Pachislot resurgence due to new regulations

Overall, the company – which also operates Pachislots in Japan – saw a 55.9 percent increase in net sales, to JPY140.99 billion ($1.06 billion), with net profit of JPY11.5 million ($86.99 million), compared to a loss of JPY13.93 billion in 2021.

Operating profit was up 516.7 percent yearly.

The group’s contribution from its Amusement Equipment Business – encompassing its Pachislot and Pachinko machine arm – totaled JPY68.26 billion ($516.14 million).

The group sold some 150,048 machines during the year, mostly in the fourth quarter.

The group notes that within Japan that there has been an ‘invigoration of this market’ as it ‘has completely shifted to titles conforming to the new regulations’. The new regulations came into effect at the end of January 2022.

‘The utilization rates of these two new types of machines have met the expectations of Pachinko hall operators,’ notes the group, with Universal capturing ‘the top share of the Pachislot market in 2022 based on the number of units sold’.

Despite the strong results, the group is not going to be offering a dividend for the year.