Japan’s Universal Entertainment, the founding parent of Okada Manila Casino Resort in the Philippines, posted a net profit of nearly 11.51 billion yen ($86.6 million) for all of 2022. That compared with a loss of 19.05 billion yen a year earlier.

Overall group revenue rose 55.9% year-over-year to just under 141 billion yen in 2022, while operating profit rose 516.7% year-over-year to 12.09 billion yen.

Growth in group-wide sales was supported by higher sales in Okada Manila.

Universal Entertainment’s integrated resort business posted net sales of 71.77 billion yen in 2022, up 103.7% year-over-year. The company said the mass market segment was “the main reason” for the increase in sales.

The segment had an operating profit of 3.78 billion yen, a significant increase from an operating loss of 1.87 billion yen in 2021. Adjusted segment revenue (EBITDA) before interest, taxation, depreciation and amortization was 19.35 billion yen, up 263.1% year-over-year.

Adjusted segment EBITDA for Okada Manila during 2022 was “higher than it was before the pandemic,” Universal Entertainment said.

In January, the group said Okada Manila’s Game Gross Revenue (GGR) rose 49.7% year-over-year in the fourth quarter, contributing to its annual tally of an 81.5%. Adjusted EBITDA for the property was 25.2% higher than the full year of 2019, before the COVID-19 pandemic began.

In a filing on Tuesday, Universal Entertainment confirmed it had recorded an extraordinary loss of nearly 1.53 billion yen in 2022 in connection with the “illegal occupation” of the casino complex by people acting on behalf of the group’s ousted founder Kazuo Okada.

“The illegal occupation of the building from May 31 to September 2, 2022, by a group that acted at the direction of Kazuo Okada, impacted the performance of the project,” the company said. Universal Entertainment was confirmed to have taken control of Okada Manila in early September.

The Japanese conglomerate turned to profit in 2022, but decided not to declare a year-end dividend, considering the impact of COVID-19 on its business and future financial commitments.

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