Paradise Entertainment posts 17Q1 EBITDA loss

Paradise Entertainment swung to an adjusted EBITDA loss in Q1, as revenue from both its casino services business and its electronic gaming machine division declined.

In a filing with the Hong Kong Stock Exchange, the company reported revenue of $235.3 million ($30.2 million), down 9.8 percent. Adjusted EBITDA was a loss of $10.1 million, compared with a profit of $0.7 million in the prior year period.

The company runs gaming operations at the Casino Kam Pek Paradise and the Casino Waldo in Macau and sales and leases electronic gaming equipment.

Total gross gaming revenue from the gaming operations at Casino Waldo was HK$117.2 million in Q1 2017, representing an increase of 4.5 percent from HK$112.1 million in Q1 2016.

GGR from Casino Kam Pek Paradise fell 7.5 percent to HK$274.9 million.

Adjusted EBITDA from the provision of casino management services was a loss of HK$26.4 million in Q1 2017, narrowing from HK$25.9 million in Q1 2016. Adjusted EBITDA from the development, sale and leasing of electronic gaming equipment and system was a profit of HK$23.6 million in Q1 2017, representing a decrease of 29.3 percent from HK$33.4 million in Q1 2016.

Casino management services contributed more than 79 percent of revenue for the period, up from 74.5 percent in the prior quarter.

More news from this jurisdiction

MacauMonday, Jul 24, 2017

The Statistics and Census Service (DSEC) reported a small rise in visitor arrivals to Macau in the month of June, up 0.9 percent year-on-year, but down 7.5 percent month-on-month.

MacauMonday, Jul 24, 2017

Macau saw a strong week-on-week increase in ADR for the week ended July 23, due to higher VIP hold and volume, and strong visitation.

MacauMonday, Jul 24, 2017

Secretary for Economy and Finance Lionel Leong Vai Tac has vowed not to become complacent after being given a positive rating by the Asia Pacific Group on Money Laundering (APG) for its efforts in anti-money laundering.

MacauSunday, Jul 23, 2017

Macau’s Judiciary Police raided a fake VIP gaming room in Nape on Wednesday, arresting 19 gang members.

MacauThursday, Jul 20, 2017

Macau has been given a positive rating by the Asia Pacific Group on Money Laundering (APG) for its efforts in anti-money laundering, according to a statement from the Financial Intelligence Office.

MacauThursday, Jul 20, 2017

Macau saw its occupancy rate rise 3.1 percentage points to 88.5 percent year-on-year in the month of June, according to data from the Macau Hotel Association (MHA).

MacauWednesday, Jul 19, 2017

Macau’s authorities received a total of 179 requests for casino exclusions in the first half of 2017, according to data from the Gaming Inspection and Coordination Bureau (DICJ).