Libera operates pachinko and pachislot halls in the Greater Tokyo area under the Jaran brand. Pachinko and pachislot are recreational arcade games where players rent balls or tokens to play for prizes. Libera generates gaming revenue through the spread between customer rentals and the cost of prizes distributed back to players. Key drivers for this business include hall traffic, machine selection—often featuring licensed animation and pop culture—and management of the payout ratio. Libera also operates a real estate business focused on central Tokyo. In this segment, the company acquires older, earthquake-vulnerable buildings near train stations and redevelops them for sale or lease to commercial tenants. While gaming provides recurring cash flow, real estate revenue has become a significant contributor but varies depending on the timing of property sales. Libera’s growth strategy centers on acquisition-led consolidation within the declining pachinko industry, where it targets smaller operators to expand its hall network. The company also reinvests capital into its real estate redevelopment projects and maintains small ancillary operations in the hospitality and restaurant sectors. By acquiring distressed gaming licenses in densely populated areas, Libera aims to improve operational efficiency and capture market share.