Kazuo Okada worried about the future of the Universal Entertainment Corp

20 August 2018

Businessman Kazuo Okada believes that if he does not return to the post of head of the Japanese-based gaming conglomerate Universal Entertainment Corp founded by him, then the value of business will fall within a year, which will not only damage him personally, but also will damage the public shareholders.

"We are losing time," the businessman said in his big interview in Hong Kong. "Universal Entertainment loses. Japan's pachinko market is shrinking," - he added, referring to the company's main business segment in the domestic market of Japan.

Over the past 12 months, the price of Universal Entertainment shares was between 2611 ($23.58) and a maximum of 6290 yen. When closing a business in Tokyo on August 16, one share was valued at 6,365 yen.

Casino Manila

Since Okada gave his comments on the development of Universal Entertainment's business, the Japanese company reported a profit of 176.2 billion yen in the second quarter of 2018 compared to a loss of 6.62 billion yen in the previous year. These two figures are not directly comparable, because in 2017 Universal Entertainment changed its fiscal year to December 31.

Despite the obvious problems of the Japan's pachinko gaming sector - Universal Entertainment currently controls Okada Manila casino resort in the Philippines.

The campaign, launched against Kazuo Okada, has not abated until now. He was charged with fraud, while the businessman himself denies everything, claiming that he was slandered.

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