Paradise Entertainment has recorded a loss of HK$3 million ($382,000) for the first six months of the year, despite EBITDA turning positive.
EBITDA saw a turnaround in 1H23 to HK$31 million ($3.95 million), compared with a loss of HK$64.4 million ($8.2 million) for 1H22.
Total revenue was HK$246.7 million ($31.4 million), up by 36.2 percent from a year earlier.
The increase in the total reported revenue of the Group was mainly due to the rise in revenue from the provision of casino management services in Macau.
Adjusted EBITDA from the casino under the Group’s management in the Macau segment for 1H23 was HK$55.8 million, compared with a loss of HK$23.3 million for 1H22. The turnaround from loss to gain was mainly due to the increase in GGR generated by Casino Kam Pek Paradise in Macau.
Adjusted EBITDA from the electronic gaming equipment and systems segment in 1H23 narrowed to a loss of HK$17.5 million. The decrease in the segment was mainly due to the Group’s effective cost-saving strategy implemented in response to COVID-19 and, precisely, the success in cost control related to research and development and other expenses associated with electronic gaming equipment and systems.