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Philippines – Okada Manila to launch Cove Manila in December

By - 9 November 2017

Universal Entertainment Corporation has said it will open the main attraction at Okada Manila, its resort casino in The Philippines in December 2017 when Cove Manila, a covered, all-weather dome with a beach and nightclub opens.

The company stated: “Okada Manila plans to start operating Cove Manila in December 2017. This all-weather dome has a beach club, night club and space for 5,000 people to attend a variety of events. The dome will be a key symbol of this casino and resort along with The Fountain, which made its debut in March 2017.”

The announcement came as the company released in third quarter earnings.

It said of its Manila casino: “Earnings continue to increase due to the completion of a VIP casino and other measures. The plan is for Okada Manila to start making a material contribution to consolidated performance once this resort and casino holds its grand opening. Universal Entertainment believes this property can attract large numbers of people from the Philippines and other countries and produce substantial earnings. Everyone involved with this project has a strong commitment to ensuring that guests have the best possible experience as expressed by the Okada Manila motto “Discover Extraordinary.”

Okada Manila has posted net sales of 8,889m yen and an operating loss of 7,064m yen (compared with an operating loss of 2,968m yen in the same period of the previous consolidated fiscal year). Work is now in the final stage of preparations for the planned grand opening of this casino and resort early in 2018.

The group said: “The casino, which includes a VIP section, has been generating steady growth in revenue. In addition, the number of completed rooms in the Pearl Wing luxury hotel, which will have 464 rooms when finished, is increasing. Construction of the fine dining section and shopping mall is also developing and more tenants are starting operations. The improvement in monthly profitability is continuing in the Casino Resort Business as the rising utilisation rate of facilities makes it possible to cover an increasing amount of fixed expenses. Losses are decreasing faster than expected. Sales increased from about 3,200m yen in the first three months to about 5,600m yen in the second three months of this consolidated fiscal period. Furthermore, the operating loss decreased from about 4bn yen in the first three months to about 3bn yen in the second three months and some months were profitable on a stand-alone basis. Earnings in this business are therefore expected to increase rapidly.”

Overall, Universal posted an operating loss of 0.3bn yen, due mainly to the construction costs of Okada Manila. It also highlighted a decline in its pachislot and pachinko business and the cost of ongoing litigation against its former owner and founder Kazuo Okada.

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