Casino management and electronic gaming equipment company Paradise Entertainment Limited is expecting substantial growth in its profits for 2024, thanks to a higher influx of mainland tourists in Macau.
According to preliminary reviews of the unaudited consolidated management accounts, the company expects to report a profit of HK$381.9 million ($49.1 million), compared to HK$60.9 million ($7.8 million) registered for the previous year.
This rise in profit is attributed to several key factors that have contributed to the Group’s robust performance.
The primary driver of this growth has been a HK$153.5 million ($19.6 million), or 27.2 percent, increase in revenue from casino management services in Macau. Paradise Entertainment, which operates Casino Kam Pek Paradise in Macau, specializes in casino management services and the leasing and sale of electronic gaming equipment.
This surge is largely due to the rising gross gaming revenue at Casino Kam Pek Paradise, the Group’s flagship casino, which has seen a growing number of patrons and heightened interest in its live multi-game (LMG) terminals.
Furthermore, Paradise Entertainment reported a HK$308.5 million ($39.5 million) increase, representing a 543.1 percent jump, in revenue from the sale and leasing of electronic gaming equipment, particularly the LMG terminals and related products. This increase reflects the growing demand among key casino operators in Macau for innovative gaming solutions.
The company noted that the influx of tourists from mainland China has been instrumental in this growth, bolstered by the Macau government’s successful initiatives in organizing international events and enhancing trade exhibitions.
“The expansion of the facilitated individual travel scheme and a solid recovery in the gaming industry have significantly benefited our operations,” said a company spokesperson.
“The increase in tourist arrivals has not only boosted patronage at Casino Kam Pek Paradise but also heightened the appeal of our electronic gaming products to casino operators.”
The Group is still finalizing its audited consolidated financial results for the reporting period, which are expected to be published by the end of this month.
