Universal Entertainment Group is preparing to take its wholly-owned subsidiary Tiger Resort, Leisure and Entertainment, Inc (TRLEI) – operator of Okada Manila – public.
The Japanese gaming firm confirmed its intentions in its 1H18 earnings release on Thursday, declaring that TRLEI will be listed in 2019 in order to “accelerate its growth and raise its name recognition.”
Further details will be disclosed once finalized, the company said.
The decision to take TRLEI public comes amid ongoing delays for the grand opening of Okada Manila, located in the Philippine capital’s Entertainment City precinct, which held its soft launch more than 18 months ago in December 2016.
Addressing the long ramp of the property, Universal said on Thursday that it plans to expand Okada Manila’s attractions and amenities “with the highest priority.”
“In the third quarter, operations will begin at a Chinese restaurant called Yu Lei, which has a restaurant in Hong Kong that received a Michelin star,” it said. “In addition, work will continue on the expansion of hotel guest rooms and the shopping area.
“To increase earnings from the mass market, there will be more non-gaming facilities and services that match customers’ needs. In the VIP casino, operations are benefiting from the full-scale operations of current junkets. In addition, Okada Manila plans to start initiatives to attract an even larger number of VIPs from other countries. Plans include strengthening the international marketing, opening sales offices in strategic countries and adding and enhancing amenities that position Okada Manila as an integrated resort.
“In Okada Manila’s hotel, the opening of all rooms in tower A is now in sight. This will better position the resort to host tour groups from other countries and expand banquet package plans for corporate events, conferences and weddings. These activities are expected to lead to higher earnings for non-gaming business.
“Taking these actions will more clearly differentiate Okada Manila in terms of the scale of facilities and the quality of services. Activities will continue in order to make this resort more competitive as one of the world’s leading entertainment resorts with amenities capable of meeting the needs of a diverse array of guests.”
TRLEI reported net sales of JPY21.6 billion (US$194.3 million) in the first six months of 2018, with sales growing from JPY8.9 billion in 1Q18 to JPY12.7 billion in the second quarter. Operating loss increased to JPY1.6 billion in 2Q18 mainly due to an increase of depreciation, the company said.
Universal’s group-wide sales reached JPY46.5 billion in 1H18 with ordinary profit of JPY71.1 billion and net income attributable to owners of JPY172.5 billion. There was no comparison to 2017 offered due to a change in the company’s fiscal year.
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