The changes will be voted on at the company’s annual shareholders meeting.
The Philippines.- Universal Entertainment has announced that it intends to appoint Yoshiyuki Shouji as a director. He is currently a managing executive officer and general manager of the group’s gaming compliance office and of the internal audit office.
Meanwhile, Tomohiro Okada, representative director and president; and Masayoshi Miyanaga, and Hiroshi Miyauchi, directors, will be reappointed in their current roles.
Takako Okada, the mother of Tomohiro Okada, who until September was the representative director, is to retire from her position as a director. Hajime Tokuda and Kenshi Asano will also retire from their roles as director and vice president, respectively.
The company also announced that Kuninobu Okuda has been proposed as a candidate to become an audit & supervisory board member. The board changes are due to be voted on at the company’s annual shareholders meeting on March 27.
Universal Entertainment sees net sales and operating profits fall in 2024
Universal Entertainment posted net sales of JPY179bn (US$1.16bn) for 2024, down 29.4 per cent year-on-year from JPY179bn (US$1.2bn). Operating profit was JPY3.02bn (US$19.6m), down 90.1 per cent.
The company attributed the fall in operating profits to higher selling, general and administrative costs caused by an increase in personnel expenses at Okada Manila. It posted a net loss of JPY15.57bn (US$101.1m), a decline from positive net income of JPY28.44bn (US$184.7m) in 2023.
The integrated resort business segment posted net sales of JPY81.98bn (US$532m), a decrease of 15.4 per cent year-on-year, and an operating profit of JPY2.87bn (US$19m), a decrease of 80 per cent. Adjusted segment EBITDA decreased by 34.8 per cent to JPY19.56bn (US$127m).
At Okada Manila, the number of VIP guests continued to decline as the slowdown of the junket business negatively affected overall market conditions in the Philippines. The casino operator noted that while sales in the mass market and gaming machines had steadily increased since pre-pandemic levels, performance in 2024 was lower compared to 2023. However, revenue from hotel and food and beverage continued to increase.
See also: Japan’s Supreme Court rejects UEC appeal in shareholder lawsuit
The changes will be voted on at the company’s annual shareholders meeting. The Philippines.- Universal Entertainment has announced that it intends to appoint Yoshiyuki Shouji as a director. He is currently a…
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