Company Description

We are a large and growing pachinko hall operator in Japan. Libera Gaming Operations, Inc. was founded in Japan in May 1965 and has been operating pachinko halls for over 60 years. Pachinko halls provide a venue for customers to play two types of recreational arcade games: “pachinko” and “pachislot,” which are played using pachinko balls and pachislot tokens, respectively, for the purpose of obtaining more balls and tokens and exchanging them for prizes. Customers can convert some prizes into cash by having independent buyers from pachinko halls buy them. The pachinko and pachislot industry is highly regulated under Japanese laws and regulations. Playing pachinko and pachislot machines are not considered a form of gambling in Japan because customers do not directly win cash. They win tokens that may be redeemed for prizes, which in turn may be sold for cash by independent buyers. We have over 60 years of experience in the pachinko industry, operating eleven pachinko halls in Japan as of November 3, 2025. There are only 161 pachinko hall operators that operate more than ten pachinko halls out of a total of 1,623 operators in Japan as of 2023, and we are one of the largest pachinko hall operators as we are in top 10% of all pachinko hall operators with respect to the number pachinko halls operated (Source: “Pachinko hall operator survey 2024”, Yano Research Institute). For the years ended October 31, 2024 and 2023, with respect to our pachinko operation business, we reported total revenues of ¥5,832,288 thousand (US$40,891 thousand) and ¥4,874,215 thousand, respectively. We also operate a real estate business, in which we conduct real estate redevelopment, property rental and property brokerage. We focus our real estate business in the central Tokyo area, where we use our experience and our network of real estate brokers gained through our pachinko and pachislot business to determine investment decisions with a goal of maintaining a profitable real estate business. Our main source of real estate revenue is from real estate redevelopment. We purchase old real estate in the central Tokyo area where we expect increasing demand in the future and we believe rents and asset values are unlikely to decline, and we redevelop and renovate the properties by using third party contractors with a goal to generate higher rental revenue. We believe the central Tokyo area has many prospective buyers, and therefore we believe that we can sell the real estate and generate a high profit in a short period of time. In addition, since we have historically purchased real estate for redevelopment purposes in what we consider good locations close to train stations in the city center, we believe we can generate rental revenue during the period between our purchase of the properties until we begin redevelopment. During the year ended October 31, 2024, we generated ¥1,152,135 thousand (US$8,078 thousand) from the sale of one property, and during the year ended October 31, 2023, we generated ¥980,543 thousand from the sale of one property. During the six months ended April 30, 2025, we generated ¥576,924 thousand (US$4,045 thousand) from the sale of one property. We believe that the real estate market in Tokyo is relatively cheaper than other international cities, and as such we expect that more investors will be attracted to property in Tokyo and the real estate market will continue to grow in the future. We also operate a coffee shop and cafeteria in Kanagawa, Japan, through a Franchise Agreement with KOMEDA Co., Ltd., in which we offer coffee and food to customers. We believe that “Komeda Coffee” is one of the most popular coffee chains in Japan. In May 2025, following the purchase of five restaurants from Arossa Manuel Inc., we started operating restaurants in Tokyo, Japan. There are two restaurants named Arossa which offer Oceania food in Shibuya and Ginza and three restaurants named Manuel, which offer Portuguese food in Yotsuya, Marunouchi and Jiyugaoka. All five restaurants are located in popular areas in Tokyo, where we expect high demand. Additionally, in April 2025, we started operating a hotel and spa called ITSUMU in Iwate, Japan. The Company renovated the historical Japanese style resort in Iwate which was donated by the local government. It offers traditional Japanese style rooms, hot springs and elaborate Japanese meals, and targets customers who are middle-income class and above and international tourists. --- Libera Gaming Operations, Inc. was founded in Japan in May 1965. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168. Our principal place of business is located at 6-25-8 Nishi-Shinjuku, Shinjuku-ku, Tokyo, 160-0023, Japan, and our telephone number is +81 3-6258-0707. Our website is www.libera-group.co.jp.