Japanese pachinko, slot and arcade games manufacturer Universal Entertainment Corporation has reportedly announced that it is hoping to take its casino-operating Tiger Resort, Leisure and Entertainment Incorporated subsidiary public sometime in the next two years in order to ‘accelerate its growth and raise its name recognition’.
According to a report from GGRAsia, Tokyo-based Universal Entertainment Corporation made the revelation yesterday as part of its first-quarter financial results but did not divulge which bourse may be tasked with handling the proposed flotation.
“Details will be disclosed as soon as they are finalized,” reportedly read a statement from Universal Entertainment Corporation.
Tiger Resort, Leisure and Entertainment Incorporated is responsible for the $2 billion Okada Manila integrated casino resort in the Philippines and last week saw Universal Entertainment Corporation declare that adding further hotel rooms to the Manila-area facility before the end of next year had become its ‘highest priority’.
GGRAsia reported that Monday moreover saw Universal Entertainment Corporation state that it currently has civil lawsuits and criminal complaints pending in four jurisdictions against its former Chairman, Japanese billionaire Kazuo Okada, and his Aruze Gaming America Incorporated gaming machine concern. The firm purportedly detailed that the cases in the United States, Macau, Hong Kong and the Philippines are ‘seeking the compensation of damages’ following the infringement of its ‘patent rights and other rights’.
Regarding its first-quarter financial results, Universal Entertainment Corporation reportedly explained that its company-wide profit had hit $1.64 billion off of net sales of just over $177.32 million. Furthermore, it purportedly proclaimed that its casino-operating subordinate, which intends to debut an exclusive VIP casino inside Okada Manila later this quarter, had seen takings rise by around 19% quarter-on-quarter to stand at nearly $80.71 million while its operating loss decreased by about 38% to approximately $12.78 million.