Universal Entertainment Group has posted net income of JPY 10.9bn ($84.3m) for the first quarter of 2022.
The company notes that a sales increase in its amusement equipment business, and a shedding of capacity constraints for its integrated resorts business, were integral to its quarterly growth.
Net sales for the first quarter reached JPY 27.7bn, up 89% year-on-year, while total assets at the end of Q1 amounted to JPY 593.9m, an increase of JPY 21.6m from the prior-year period.
Universal Entertainment has attributed these positive gains to increases in cash and deposits and non-current assets, as the Japanese yen depreciated in relation to the Philippine peso.
The company’s liabilities also increased by JPY 7.9m over the prior Q1 period, while increases in corporate bonds are attributed to the yen weakening against the US dollar, the company’s short-term borrowings and expenses relating to construction.
Although a weakened yen may not be good economically, this led to increased profits, alongside a cancellation gain of leasehold contracts and a gain associated with a decrease in leased asset obligations.
Universal Entertainment has increased its revenue thanks to the return of 100% operating capacities at its Okada Manila casino.
Pandemic restrictions in Manila, Philippines, ended on 1 March 2022, and utilisation rates have skyrocketed at the casino ever since; alongside profits and higher guest numbers.
During the pandemic, Universal Entertainment had agreed on the partial sale of some of its land, a decision it then backtracked on.
It would seem Universal Entertainment made the correct decision to call off the sale, given its growing revenue rates this side of the pandemic.
BetMakers to supply racing and betting solutions for Malaysian club
"The ability to turn to BetMakers for both our betting technologies and services, as well as for content distribution management, offers Royal Sabah Turf Club the most efficient, effective means by which to reach new markets for our racing”Datuk Peter Chin, Chairman of Royal Sabah Turf Club
BetMakers has signed an agreement to supply betting systems and content management services for the Royal Sabah Turf Club in Malaysia.
The club plays host to the Tambalang Race Course while supporting an associated off-course betting network, which will now be run through BetMakers’ Global Tote and Global Racing Network divisions.
Per the agreement, which is contracted for five years, BetMakers will supply the Royal Sabah Turf Club with its Quantum™ betting system.
Furthermore, BetMakers will be the exclusive rights holder to distribute races held at the Malaysian club, within both Tote and fixed-odds markets.
BetMakers owns Global Tote, which it acquired from Sportech last year. Global Tote will deliver the Quantum™ to the Royal Sabah Turf Club as an SaaS solution, which will provide the club with the operational tools and training to distribute races to racetracks licensed by betting operators worldwide.
The Director of Sales & Business Development for Asia at Global Tote, Lance Ku, commented: “Global Tote is very pleased to extend and grow our partnership with Royal Sabah Turf Club.
“The Global Tote solution offers advanced capabilities and features that will help them deliver a fantastic customer experience. Combined with Global Racing Network’s professional content management solution, Royal Sabah has a powerful route by which to pursue growth opportunities.”
And the Chairman of Royal Sabah Turf Club, Datuk Peter Chin, added: “We have been very pleased with the services we receive from Global Tote. Having the ability to turn to BetMakers for both our betting technologies and services, as well as for content distribution management, offers Royal Sabah Turf Club the most efficient, effective means by which to reach new markets for our racing; new content for our customers, and new revenue streams.”
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