Japanese pachinko, slot and arcade games manufacturer Universal Entertainment Corporation has reportedly declared that adding further hotel rooms to its Okada Manila integrated casino resort before the end of next year had become its ‘highest priority’. According to a report from GGRAsia citing a filing with the JASDAQ Securities Exchange, Tokyo-based Universal Entertainment Corporation stated that it intends to ‘attract an even larger number of guests’ to the 993-room Philippines venue via the inauguration of ‘a casino exclusively for VIP guests’ in addition to premiering ‘more restaurants’ and an enlarged shopping mall.
Although Universal Entertainment Corporation reportedly did not mention specific details, it did proclaim that the envisioned VIP casino is predicted ‘to make a big contribution” to annual sales inside the Entertainment City property. GGRAsia subsequently cited a January note from financial services firm Morgan Stanley Asia International Limited as detailing that Universal Entertainment Corporation had hoped to debut a 500-room hotel extension by the end of the third-quarter before adding a similarly-sized wing by the conclusion of 2019.
“This casino and resort has expanded amenities other than the casino to a level that no competitor can match,” reportedly read the filing from Universal Entertainment Corporation, which operates Okada Manila via its Tiger Resort, Leisure and Entertainment Incorporated subordinate. “There are many VIP visitors from China, South Korea and other Asian countries as well as large numbers of guests who live in the Philippines.”
Finally, GGRAsia reported that Universal Entertainment Corporation furthermore used the filing to announce that net sales at the Philippines venue for the nine months to the end of December had amounted to approximately $147.3 million although the imposition of fixed expenses had caused the 110-acre facility to record an overall operating loss of about $82.16 million. Company-wide, it purportedly explained that sales for the period had topped $624.59 million while its net loss amounted to nearly $122.36 million.
