Okada Manila, the resort and casino complex owned by Japanese billionaire Kazuo Okada in Pagcor Entertainment City, reported an operating loss of 9.024 billion yen (P4.45 billion) in nine months ending December 31, 2017 due to higher expenses.
Parent firm Universal Entertainment Leisure said in the latest filing with the Tokyo Stock Exchange that Okada Manila booked sales of 16.05 billion yen (P7.91 billion).
Universal Entertainment said it would pursue efforts to increase the revenue and improve profit of Okada Manila, adding it saw the casino resort business becoming the second core business of the Japanese gaming company.
“Consequently, the outlook is for the Casino Resort Business to grow to become the second core business alongside the Pachislot and Pachinko Business in 2018, resulting in a substantial change in the composition of consolidated sales,” Universal Entertainment said.
Universal Entertainment said Okada Manila was focused on the final stage of construction, which included completing more hotel rooms in preparation for the full opening of Okada Manila.
The start of full-scale operations of a VIP casino is also expected to make a big contribution to sales.
Okada Manila in December 2017 started operating Cove Manila, an all-weather dome that features Southeast Asia’s largest night club and beach club.
“The clubs immediately became a popular destination for guests. The dome is a key symbol of this casino and resort along with The Fountain, a multi-color fountain that is one of the world’s largest,” Universal Entertainment said.
“Construction of the fine dining section with high-end restaurants and shopping mall is also nearing completion and some tenants are expanding operations. There will be costs toward full-scale business expansion in the current consolidated fiscal year. However, total sales at Okada Manila, led by the casino business, are growing as visitor numbers to the casino resort rise,” it added.
The $2.4-billion Okada Manila is the third integrated resort and casino to open within the Pagcor Entertainment City, a special economic zone of the Philippines, which is positioned as a gaming hub for the entire Asia.
“The company believes this property can attract large numbers of people and generate substantial sales and earnings,” Universal Entertainment said.