Universal Entertainment projects 29.5% dip in operating profit in 2021

| By Marese O'Hagan
Okada Manila operator Universal Entertainment has announced its projected results for the year ending 31 December 2021, estimating an operating profit of ¥1.88bn (£11.6m, €13.9m, $15.8m).

This figure, revealed in a trading update, would be a decline of 29.5% compared to its FY2020 operating profit.

After considering expenses of ¥4.4bn, the overall profit for the year is expected to come out at a loss of ¥2.6bn – down by ¥6.6bn year-on-year.

The operator also expects that its net sales will come to ¥90.4bn . This would be a year-on-year decrease of 0.5%.

The loss attributable to Okada Holdings, the parent group of Universal Entertainment, is projected to be ¥18.8bn – down by 2.1% year-on-year.

The operator’s half-year 2021 results showed a 56.4% revenue decrease year-on-year.

Last month, Okada Manila International set out plans to rebrand to UE Resorts International as part of its business expansion strategy, which will see it pursue a licence to operate a casino in downstate New York.

During 2021, the business also received approval to launch online gambling, as the Philippines began issuing online licences.

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