Okada Manila relabels US$71mln costs as Covid-related

February 15, 2022 Philippines Earnings & Filings

Japan’s Universal Entertainment Corp, parent of the Okada Manila casino resort (pictured) in the Philippine capital, booked an extraordinary loss to that business, amounting to JPY8.15 billion (US$70.6 million) in the financial year to December 31, because of periods of operational suspension due to Covid-19 countermeasures.

“Facilities at Okada Manila that were not used during the suspension of operations were reclassified from selling, general and administrative expenses, to an extraordinary loss,” said the parent in a Monday filing to Jasdaq.

In January, Universal Entertainment had reported that fourth-quarter gross gaming revenue (GGR) at Okada Manila rose circa 68.2 percent sequentially.

Okada Manila posted full-year GGR of PHP18.92 billion (US$368.1 million) in 2021, an increase of 23.4 percent compared to 2020.

But Universal Entertainment also noted in the Monday filing on the group’s overall business for 2021 and with specific reference to Okada Manila: “Partly because of lower selling, general and administrative expenses, the operating loss was much smaller than in 2020.”