Namco Bandai blames home consoles for arcade losses

Namco Bandai has said that it will close up to 60 arcades in Japan, blaming home consoles for consumers' lack of interest in the arcade market.

Shares in the company dropped for a second day following the company slashing profit forecasts for the full year to JPY 16.5 billion (USD 155 million).

"A lot of the types of games that people played at an arcade can now be done at home," offered company spokesperson Yuji Machida, to Reuters.

Since Tuesday shares have fallen 27 per cent, closing at JPY 1095 on Thursday.

The company also blamed rising gasoline prices which have stopped families travelling to amusement centres.