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Tokyo Dome operating profit seen staying flat

Concerts less lucrative than ballgames

TOKYO -- Tokyo Dome likely logged a nearly 11 billion yen ($96 million) operating profit for the nine months ended October, virtually unchanged from a year earlier, as increased use of its namesake stadium for events was offset by the partial shutdown of a popular hotel.

Sales apparently rose 1% to 64.5 billion yen. With many Tokyo-area venues closed for reconstruction and repairs, the flagship Tokyo Dome hosted plenty of events. Concerts by such big draws as pop group Exile drove merchandise sales. Average room prices rose at the Tokyo Dome Hotel.

But concerts and other events are less profitable for the stadium than professional baseball games. More profits were lost from the late-August closing of part of the company's Atami Korakuen Hotel in Shizuoka Prefecture. Depreciation expenses are low for the 50-year-old hotel, and frequent group bookings by domestic guests have kept its occupancy rate high.

For the full year ending January, the company expects sales to fall 2% to 84.3 billion yen and operating profit to slip 8% to 11.7 billion yen. This does not factor in earnings from three postseason baseball games played by the Yomiuri Giants at the Tokyo Dome. But the company will likely maintain its forecasts to see how bookings at Atami Korakuen are affected by the shutdown. Tokyo Dome plans to announce February-October results Dec. 15.

(Nikkei)

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