Paradise Entertainment posted a 31.1 percent gain in Q1 profit, boosted mainly by surging revenue from its electronic gaming division.
Total reported revenue was HK$308.4 million ($39.3 million) up from HK$235.3 million a year earlier, the group said in a filing with the Hong Kong Stock Exchange. Adjusted EBITDA was HK$51.8 million, as compared to a loss of HK$10.1 million in Q1 2017.
Total GGR from the gaming operations at Casino Kam Pek Paradise rose almost 29 percent to HK$354.4 million, while Casino Waldo posted a 3.3 percent decrease to HK$113.3 million.
Reported revenue from electronic gaming equipment and systems in Q1 2018 was HK$50.8 million, representing an increase of 170.2 percent from the same period a year earlier.
Adjusted EBITDA from casinos under the group’s management was HK$44.8 million up from HK$2.5 million in Q1 2017. Adjusted EBITDA from electronic gaming equipment and systems was HK$13.8 million, as compared to a loss of HK$4.5 million a year earlier.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
On 3 April 2020, the Ministry of Home Affairs of Singapore (MHA) announced that it will be reconstituting the Casino Regulatory Authority (CRA) to establish the Gambling Regulatory Authority (GRA) by 2021. The GRA will have an expanded mandate to regulate the entire gambling landscape in Singapore and aims to consolidate and optimize gambling regulatory resources within a single agency.
The Macau Civil Servants Association has urged Chief Executive Ho Iat Sent to encourage the other five gaming operators to follow SJM Holdings in providing a "reward" to employees early in the New Year.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.