TOKYOTOKEIBA CO.,LTD.
9672・Prime Market・Services
Public Sports Racing Business
The core revenue pillar of the Tokyo Keiba Group. Racing/auto race facility leasing and SPAT4 form the two pillars.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (Q1 Cumulative) | ¥7,097 million | ¥7,019 million | ↑ |
| Segment Profit (Q1 Cumulative) | ¥2,757 million | ¥2,833 million | ↓ |
| Net Sales (Full Year, Annual) | ¥29,694 million | — | — |
| Segment Profit (Full Year, Annual) | ¥12,180 million | — | — |
Business Details
A business that leases the Oi Racecourse (Shinagawa-ku, Tokyo), off-track betting facilities, and the Isesaki Auto Race Track (Isesaki City, Gunma Prefecture) to local governments and other entities, while maintaining and managing fair race operations. The operation of the Minami-Kanto 4 Racecourses Home Betting System "SPAT4" is outsourced to the consolidated subsidiary e-Paddock Co., Ltd., which provides internet betting services. This is the core segment, accounting for approximately 76% of consolidated net sales, with the Tokubetsu-ku Keiba Kumiai (Special Ward Horse Racing Association) as its primary customer.
Recent Overview
Q1 net sales increased +1.1% year-on-year, while segment profit declined -2.7%.
For the first quarter of FY2026 (ending December 2026) (January-March 2026), net sales in the Public Sports Racing Business segment secured an increase to ¥7,097 million (versus ¥7,020 million in the same period of the prior year, +1.1%), while segment profit declined to ¥2,757 million (versus ¥2,833 million in the same period of the prior year, -2.7%). The increase in cost of sales appears to have pressured profit. No revisions have been made to the full-year earnings forecast.
Key Products
Growth Drivers
- Continued expansion of internet betting adoption centered on SPAT4 and ongoing new member acquisition measures
- Overall increase in local horse racing sales, exemplified by Oi Racecourse's record annual sales
- Strong trend in winning-vehicle betting ticket sales at Isesaki auto racing
- Maintenance and improvement of the long-term racing environment through facility function enhancement at Oi Racecourse (commencement of special high-voltage substation renewal work)
- Promotion of Oi area urban development under the 4th Medium-Term Management Plan, including new training center development, racecourse redevelopment, and arena consideration
Risks
- Decrease in sales due to the closure of the Niigata off-track betting facility in March 2026 (impairment loss of ¥467 million already recognized)
- Structural decline in racecourse attendance due to the spread of internet betting, and the need to enhance on-site experience value
- Large-scale investment burden associated with the next SPAT4 system upgrade (system construction promoted with future scalability in mind)
- Cash outflow risk associated with large-scale capital investment plans such as the redevelopment of Oi Racecourse and arena development
- Risk of impact on rental income due to deteriorating financial conditions of local racing organizers (such as the Tokubetsu-ku Keiba Kumiai)
Last updated: March 25, 2026