Tokyotokeiba Co.,Ltd. reported a 19% increase in net profit to 7.59 billion yen ($50.6 million) for the third quarter, driven by strong performance in its online betting platform and expansion into new business areas.
The racing operator’s sales rose 8.1% to 30.2 billion yen, supported by its SPAT4 internet betting service and new ventures including a water park attraction and shopping facilities. The company’s digital betting platform processed wagers for more than 11,000 races across Japan during the period.
Despite the profit growth, the company faces headwinds in its core racing business, where segment profit dipped 0.3% due to rising costs related to its online platform. The operator conducted 70 races at its Oi Racecourse while upgrading drainage systems and track facilities.
The company’s diversification strategy showed promise, with its amusement park division posting a 21.3% profit increase following the summer launch of a new pool attraction. Its warehouse rental business grew 13.3% after opening a new facility in Narashino.
Looking ahead, management projects full-year operating profit to decline 7.6% to 12.3 billion yen, even as revenue is forecast to climb 6.7%.
