Paradise Entertainment Ltd, a casino service and equipment provider, posted a 15.7 percent increase in revenue for 2014 but a sharp decrease in profit.
The company’s revenue for the year increased from HK$1 million in 2013 to HK$1.2 million representing an increase of 15.7 percent, attributable to the growth of the e-casino, Casino Kam Pek Paradise, which it manages.
“The increase was mainly attributable to Casino Kam Pek Paradise which grew by 16%. Casino Kam Pek Paradise far outperformed the gaming industry in Macau which recorded a growth rate of –2.6%.”
However, the company’s profit for the year decreased from HK$103,778,000 to HK$66,541,000, representing a drop of 35.9 percent.
The company said the profit decline was due to the impact of the Waldo Casino which made a loss, the initial overheads of Casino Macau Jockey Club and the higher amortization from the acquisition of patent and patent applications in the US.
“Excluding the amortization of patent and patent applications and the loss on early redemption of promissory note, profit attributable to the owners of the Company is increased by HK$21,715,000 compared with year 2013.”
The company added that it expects to see an uptick in business following the opening of two new casinos.
“We expect the opening of two new casinos and the replenishment order for the previous generation LMG terminals to contribute meaningfully to the Group this year. The Company will also see more traction in the overseas market through our associations with the industry’s global heavyweights such as IGT and Ainsworth.”