Tiger Resort publishes Q2 report and contests Universal Entertainment claims
Tiger Resort, Leisure and Entertainment (TRLEI) has published its delayed Q2 2022 financial report, amid an ongoing dispute between TRLEI, Universal Entertainment and Okada Manila Founder Kazuo Okada.
TRLEI’s non-consolidated results reported total revenue of PHP 8.96bn ($160.4m) for Q2 2022, a rise from Q1 2022’s total of PHP 6.39bn.
Q2 adjusted segment EBITDA stood at PHP 2.17bn, an increase from the Q1 figure of PHP 1.15bn.
Total gross gaming revenue for the quarter amounted to PHP 8.29bn, a rise from the Q1 2022 total of PHP 6.02bn.
TRLEI went on to issue a response to claims made by Universal in July 2022, regarding the alleged takeover of the Okada Manila facility by Kazuo Okada and a group of associates.
TRLEI contested the inflammatory language used by Universal, saying: “It is extremely inappropriate for Universal Entertainment to intentionally use vocabulary that evokes illegal acts such as ‘invade’, ‘seize’ and ‘occupy’ to mislead readers, the investors, as if an illegal act had been committed.”
Additionally, the organisation refuted Universal’s claim that TRLEI refused to comply with an information request, leading to the delay in the publication of Q2 2022 financial report.
In response, TRLEI asserted that it maintains established procedures that allow for the timely dissemination of information at the request of Universal, and that the company “conducts accounting treatment in accordance with generally accepted accounting standards.”
Furthermore, the operator argued that Universal had not requested accounting information as claimed, maintaining that “TRLEI and its current management have no fault in not disclosing the quarterly results of TRLEI.”
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