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Sega Sammy reports significant growth in sales, profit

February 12, 2024 JapanSouth Korea iGaming & GamblingIndustry Updates

Sega Sammy Holdings of Japan announced significant increases in earnings and sales for the nine months that ended December 31, 2023. Revenues and profits for the company’s pachinko and pachislot divisions increased by 28.7% and 7.6%, respectively, over the previous year.

The company highlighted the exceptional performance of its pachinko and pachislot machine sales, which brought in JPY120.2 billion (US$805 million), or 131% more than the previous year, even though it acknowledged that its resort business was still doing well, primarily as a result of its collaboration with the Korean casino-resort Paradise City.

Over that time, there was a notable increase in the sales of new gaming titles, which led to a more than 550% increase in sector profit, reaching JPY45.1 billion (US$302 million).

Sega Sammy’s resort segment, which includes the non-gaming Phoenix Resort in Miyazaki, Japan, witnessed a rather slow gain in revenue, up 5.7%. The business stated that an equity method purchase of Paradise City, of which it owns 45%, had a beneficial effect on profitability, although it also ascribed this to lower-than-expected visitor numbers at Phoenix Resort.

At KRW243.4 billion (US$183 million), Paradise City’s casino earnings in December almost quadrupled from the previous year. This produced a net profit of KRW33.5 billion (US$25.2 million), reversing the deficit of KRW37.4 billion (US$28.1 million) from the year before.

Sega Sammy credited Japanese VIP patrons for the casino’s resurgence and highlighted the resort’s impressive success in hotel sales, which achieved high room prices and occupancy rates by capitalizing on South Korea’s appetite for stay-type tourism.

Sega Sammy forecasts net sales of JPY463 billion (US$3.1 billion) and a profit of JPY28 billion (US$188 million) for the fiscal year that ends on March 31, 2024, with the profit going to the owners of the parent business.

Original story by: IAG

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