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Japan-Update

Tokyo Dome's profit likely stayed flat

Events at stadium helped soften blows from hotel closures

The World Baseball Classic was a boon for Tokyo Dome.

TOKYO -- Tokyo Dome's operating profit probably remained flat at more than 2 billion yen ($18.2 million) in the February-April quarter, as popular events at its stadium helped offset a slump caused by a partial shutdown of one of its hotels.

Sales are believed to have fallen 2% to just below 19 billion yen. The Japanese company's mainstay Tokyo Dome stadium enjoyed solid sales. Spectators of the World Baseball Classic in March flocked to the venue, lifting revenue from concessions and other items. In addition to strong demand for events, concerts of star artists like Paul McCartney helped draw large crowds.

Meanwhile, the Atami Korakuen Hotel's Misaki wing, which often catered to large groups, was shut down for renovations at the end of August. As a result, the number of available rooms dropped by 60%, causing sales to apparently slide about 500 million yen and operating profit to decline by around 200 million yen.

Results for the February-April quarter are due out June 14. The stadium operator will most likely maintain its forecast for the year ending January 2018. Reflecting such factors as the shuttering of the Tokyo Dome Hotel Sapporo at the end of April, sales are estimated to fall 7% to 82 billion yen, with operating profit to slip 16% to 10.6 billion.

(Nikkei)

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