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Japan-Update

Tokyo Dome's profit likely slid 10% on hotel closures

Concerts at the main venue help offset renovation costs

The Tokyo Dome stadium hosts concerts and the Yomiuri Giants baseball team. (Photo by Akira Kodaka)

TOKYO -- Tokyo Dome's operating profit looks to have shrunk 10% to a little over 11 billion yen ($103 million) for the year ended in January, taking a hit from hotel closures and facility renovations.

The profit decline would be the second in a row. But major concerts held at the Tokyo Dome stadium apparently will help the company beat its projection for a 13% decrease.

Sales appear likely to have fallen 4% to around 84 billion yen, slightly better than the projected 5% drop to 83.6 billion yen.

The company ended operation of Tokyo Dome Hotel Sapporo in April 2017 and closed Atami Korakuen Hotel in Shizuoka Prefecture for renovations. It also suspended the Spa LaQua facilities for about a month in September for a makeover.

The Tokyo Dome stadium enjoyed strong visitor traffic. The site hosted concerts for popular idol groups such as Arashi and Nogizaka46, devoting eight more days to concerts than in the previous year.

Yet use for professional baseball games decreased by two days on the year. The Yomiuri Giants, which use the stadium for home games, finished fourth in the Central League and missed the Climax Series playoffs.

For the current year through January 2019, revamped spa facilities are expected to draw more customers and boost sales, but profit likely will shrink again due to costs of partial renovations at the Tokyo Dome City complex.

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