Citing new regulations and lower sales, Universal Entertainment Corp. (UEC) has revised the forecast for its financial results for the year.
The company now forecasts ¥92.7 billion ($82.3 million) in net sales from January to December 2018, 37.8% lower than the ¥149 billion ($1.32 billion) projected last May 14. The earlier forecast was made in light of the company and subsidiary Aruze USA, Inc. winning a settlement of $2.63 billion in a dispute with Wynn Resorts, Limited two months earlier.
“However, with regards to the full fiscal year ending December 31, 2018, due to delays in machine conformance stemming from new regulations, sales under the Company’s Pachislot and Pachinko Business will take until the next fiscal year,” the announcement read.
UEC added that while its casino resort business have been increasing in revenue and profits, “its results still fell below target.”