Paradise Entertainment records US$14.5 million loss for H1
Paradise Entertainment Limited has reported an overall HK$111.3 million (US$14.5 million) loss for the first six months of 2020, impacted by the Covid-19 pandemic.
Group revenue was down more than 70 percent in the period to HK$177.3 million.
Breaking it down by segment, GGR at the Casino Kam Pek Paradise decreased by 58.8 percent year-on-year to HK$262.4 million, contributing a loss of HK$14.1 million to the group; Casino Waldo GGR was HK$43.4 million, contributing a loss of HK$21.8 million; and the firm’s electronic gaming equipment and systems division saw its revenue decrease by 87.7 percent to only HK$11.4 million.
Jay Chun, chairman and managing director of Paradise Entertainment commented, “No doubt, the pandemic has affected the businesses of the group severely and caused a range of unforeseen challenges to the group.”
Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.