Universal Entertainment says it’s carefully considering the optimal opening time for its new integrated resort in the Philippines, which had been set to open in December this year.
In a release, the Japan-based company said the Okada Manila has not “lagged markedly” from its original plan. However, progress has differed due to adverse weather conditions.
“In view of the policy actions by the Philippine government, and the general economic environment in the near term, we are now in the process of carefully considering the optimal timing for opening the facility towards delivering maximized shareholder value,” it said.
The first phase of the Okada Manila project was scheduled to open by the end of this year with an investment of $2.4 billion. Once fully operational, it will feature two luxury hotels, a 30,000 square meters casino floor with 3,000 slot machines and 500 table games, as well as a number of dining, leisure and entertainment options. It will include an indoor manmade beach and club covered by a huge glass dome, high-end and casual dining restaurants, upscale retail shops, trade halls and cinemas.
In the release, Universal also said it was revising upwards its fiscal half-year guidance due to foreign exchange gains resulting from the strength of the yen. It now expects sales of 56.5 billion yen ($551.6 million), compared with its prior forecast for sales of 51.5 billion yen. Net income attributable to owners of the parent is now seen at 16 billion yen, up from 10 billion yen.
The company says Q2 and orders for fiscal Q3, ending March 2017, remain strong. However, it’s maintaining its full-year guidance as it’s unable to predict the potential effect of currency fluctuations.