Japan’s Universal Entertainment has raised its 2023 profit forecast by 51.8 percent, citing the strong performance of its Philippines integrated resort Okada Manila as the primary reason for the improved outlook.
According to a Friday filing, Universal Entertainment notes that the ordinary profit of JPY28.4 billion ($190 million) in the first half of the current fiscal year exceeded the ordinary profit of JPY25.7 billion ($172 million) in the full-year consolidated business results forecast for the fiscal year ending December 31st, 2023.
Universal Entertainment also raised its forecast of net sales volume by 3.6 percent, from JPY180 billion ($1.2 billion) to JPY186.5 billion ($1.25 billion) for 2023.
Universal Entertainment mentioned the 3Q23 results of its subsidiary, Tiger Resort, Leisure and Entertainment (TRLEI), which operates Okada Manila. It shows the business progressing well above the forecast with strong growth in sales and profits resulting from a great increase in the number of visitors due to summer vacation, etc., and the expansion of domestic gaming demand in the Philippines and so forth.
‘Also, as for the Amusement Equipment Business, our sales plan for the current fiscal year remains solid, and furthermore, our major new titles are additionally expected to be launched in the market in the fourth quarter of the current fiscal year,’ the group notes.
Okada Manila saw a 29 percent increase in yearly revenue in 3Q23, topping PHP13.36 billion ($235.64 million), while adjusted segment EBITDA was up 45.6 percent yearly to PHP3.55 billion ($62.61 million).
Total revenue for the operator amounted to PHP13.26 billion ($233.82 million), up from PHP10.28 billion ($181.28 million) in the same period of last year.