Paradise Entertainment buys HK$90 million of warehouse space

Hong Kong-listed Paradise Entertainment, a developer of electronic gaming equipment and systems, has announced the purchase of around 25,000 square feet of warehouse property for a consideration of HK$90 million (US$11.5 million).

Up until now, the group, which develops electronic gaming equipment and systems for sale in Macau and the overseas market, as well as table game automation and innovative technologies, has had to lease certain warehouses in Macau to store its inventories, including electronic gaming machines, equipment, and spare parts.

The acquisition will help the group to reduce ongoing rental payments for the inventory storage, it said in a filing to the Hong Kong Stock Exchange.

Completion of the acquisition is expected to take place on or before August 31, 2019.