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Tokyo 2020 Olympics

Olympic glow turns to gloom for Seibu's Prince Hotels

Mainstay business hit by double whammy of delayed games and tourism drop

The Prince Hotel in Tokyo's Shinagawa district, one of the largest hotels in Japan. 

TOKYO -- The postponement of the 2020 Summer Olympics in Tokyo is particularly painful news for railway operator Seibu Holdings, whose hotel operations had buoyed its stock in the run-up to the games but have now become a drag amid the coronavirus pandemic.

The shares have sunk roughly 30% from a February high, faring worse than such other rail companies as Tokyu and Tobu Railway. This is because the possibility of an Olympics-driven earnings rebound in the year ending March 2021 "has been put on ice," an analyst said.

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