Universal Entertainment’s full-year net sales dropped by 29.4 per cent year-on-year.
The Philippines.- Universal Entertainment has shared its financial results for the fiscal year 2024. The company posted net sales of JPY179bn (US$1.16bn), down 29.4 per cent year-on-year from JPY179bn (US$1.2bn). Operating profit was JPY3.02bn (US$19.6m), down 90.1 per cent.
The company attributed the fall in operating profits to higher selling, general and administrative costs caused by an increase in personnel expenses at Okada Manila. It posted a net loss of JPY15.57bn (US$101.1m), a decline from positive net income of JPY28.44bn (US$184.7m) in 2023.
The integrated resort business segment posted net sales of JPY81.98bn (US$532m), a decrease of 15.4 per cent year-on-year, and an operating profit of JPY2.87bn (US$19m), a decrease of 80 per cent. Adjusted segment EBITDA decreased by 34.8 per cent to JPY19.56bn (US$127m).
At Okada Manila, the number of VIP guests continued to decline as the slowdown of the junket business negatively affected overall market conditions in the Philippines. The casino operator noted that while sales in the mass market and gaming machines had steadily increased since pre-pandemic levels, performance in 2024 was lower compared to 2023. However, revenue from hotel and food and beverage continued to increase.
