Tuesday, August 16, 2022

Okada Manila monthly financial reporting suspended


Universal Entertainment announced on Tuesday that monthly reporting on Okada Manila’s financial results would be suspended for the time being due to Covid-19.

This followed the announcement on Monday that Universal Entertainment would be delaying its 20Q1 financial report until the end of May.

“The company will restart the disclosure of monthly results once the facility reopens its operation,” the note stated.

Universal Entertainment launched monthly financial reporting for Okada Manila in October 2018, explaining in a JASDAQ announcement that the firm wished to enhance its information disclosure practices.

Earlier this week, Fitch Ratings downgraded Universal Entertainment’s credit rating due to the impact of the coronavirus on the gaming industry and said it expects the group’s Okada Manila property to post a 70 percent drop in 20Q2 revenue.

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