(Page 16 of “M&A announced today,” disclosed on April 9, 2025)

Amusement arcades and mini-locations, which are “cheap, close and short” entertainment, are less affected by business confidence. It is an entertainment at $1 per play, they are stable businesses with strong downward durability compared to more expensive leisure activities.

Since there is no data available for the U.S., we use the data for Japan here. However, we believe that even in the event of a contingency of a Covid-19 pandemic, the downward durability is very strong compared to other physical entertainments.