Casino management services and electronic gaming equipment company Paradise Entertainment has announced a profit of HK$119.4 million for the first six months of the year, reversing a loss of HK$3 million for 1H23.
This comes on the back of revenue rising by some 72.4 percent, to HK$425.3 million.
The group notes that this was ‘mainly due to the increase in revenue from the provision of casino management services in Macau and the sale of electronic gaming equipment and systems in Macau’.
The majority of the group’s revenue came from the casino in manages in Macau – Kam Pek Paradise, which saw a revenue increase of 48.5 percent – to HK$356.5 million.
Meanwhile, the group’s Electronic gaming equipment and systems segment’s revenue rose by some 1,648 percent – reaching HK$68.2 million.
Total gross gaming revenue (GGR) for the company amounted to HK$651.7 million, up by 48.3 percent yearly. The main contributor to this was the LMG (live multi-game) segment, which brought in HK$385.6 million, a rise of 70 percent year-on-year.
Traditional gaming tables meanwhile brought in HK$240.4 million in revenue, up by 26.2 percent yearly.
Adjusted EBITDA for the company rose by 376.5 percent from 1H23, hitting HK$147.7 million.
Looking outside of Macau, the group notes that it did not generate any revenue from the sale or leasing of EGMs and systems overseas, however ‘the group has planned to expand its business of supplying gaming equipment and systems to other Asian markets, particularly the Philippines market, as well as the North American markets’.
Regarding the Philippines, the group notes that it has entered into agreements with integrated resorts ‘for trial of a total of 24 units of the group’s […] slot machines in their casino premises’.
It has also, via a collaborator, agreed to deploy ‘a total of 144 mini slot machines in the Philippines’, and has entered into agreements with distributors to further push the group’s products in the country.
Looking ahead, the group notes: ‘recognizing the immense potential in the growing markets across Asia, such as the Philippines, Vietnam, and Cambodia, as well as the North American markets, the Group will take a proactive approach to explore these overseas gaming opportunities in addition to the Macau gaming market’.
