Japan’s Universal Entertainment Corp, the last word guardian firm of Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI), says it expects to incur extraordinary losses of JPY1.6 billion (US$11.5 million) plus further authorized bills in relation to the current occupation of its Philippines built-in resort by representatives of firm founder Kazuo Okada.

As extensively reported by Inside Asian Gaming, the Kazuo Okada group forcibly took control of Okada Manila on 31 May in response to a Status Quo Ante Order (SQAO) issued by the Supreme Court of the Philippines ordering the TRLEI board be returned to its standing of 5 years in the past, earlier than Mr Okada was eliminated resulting from allegations of fraud.

Mr Okada’s group retained management of the property for 3 months earlier than the Universal-backed board returned the favor with a takeover of its own on 2 September. Mr Okada has since been arrested by Philippine authorities and charged with grave coercion, to which he has entered a plea of not guilty.

Publishing its 2Q22 monetary outcomes on Tuesday – coming some weeks after TRLEI released Okada Manila’s Q2 results – Universal revealed it “expects to incur a substantial amount of various expenses,” together with litigation prices and promoting, in relation to the SQAO and repossession of the ability.

It additionally stated it expects to incur extraordinary losses of JPY1.6 billion over and above such litigation and promoting bills, emanating straight type the interval of occupation of Okada Manila.

This, it stated, will in the end impression Universal’s monetary ends in 2022.

“Under these circumstances the growth in operating income ordinary income and net income attributable to owners of the parent are relatively modest compared to the increase in sales because of the aforementioned expenses and extraordinary losses,” it stated.

Universal, which has additionally delayed publication of its 3Q22 outcomes till mid-December because of the Okada Manila occupation and subsequent points in settling its accounts, reported a 97% year-on-year enhance in internet gross sales to JPY56.3 billion (US$405 million) in 2Q22, with internet revenue of JPY6.77 billion (US$49 million) reversing a lack of JPY16.9 billion (US$121 million) throughout the identical interval final 12 months.

Those outcomes included a 95% enhance in internet gross sales in its pachinko and pachislot enterprise to JPY27.3 billion (US$196 million), with section revenue of JPY5.14 billion (US$37 million).

TRLEI beforehand reported gross gaming income of Php8.30 billion (US$142.6 million) and Adjusted EBITDA of Php2.18 billion (US$37.5 million) at Okada Manila within the three months to 30 June 2022, up 37.7% and 89.0% respectively on Q1.