Gaming studio not as profitable as pachinco machines, requires squeezing to extract short term shareholder value.
Just leaving Sega’s stock price here

Their net annual profit is also up

2023 45.9b JPY
2022 37.03b JPY
2021 1.2b JPY
2020 13.7b JPY
2019 2.6b JPY

While Sega has had problems, 2023 is still a record year for them.

This tracks. There was the whole Hyenas debacle and their flagship series has been struggling. There is no need or desire for yearly Total War releases, they are just a waste of time and money. Warhammer 3 has been bungled from the get-go. There were a few bright spots where it seemed like they could turn it around, but now its seemingly in a downward spiral from which I doubt it will recover. RIP. Easy money blown down the drain by a severely mismanaged company.

This is one developer that needs to be shut down.