Casino management and electronic gaming equipment company Paradise Entertainment Limited saw record high sales of its self-developed LMG terminals and systems contribute to a significant increase in profit for 2024.
According to the group’s financial results profit increased to HK$381.94 million ($49.1 million) up by 527.1 percent year-on-year.
This comes as revenue topped HK$1.08 billion ($139.36 million) for the period, up by 71 percent from 2023.
The group notes that the increase in revenue 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 management of a satellite casino Kap Pek Paradise brought in some HK$718.3 million ($92.34 million) in revenue in FY24, up by 27 percent yearly. This was boosted by an increase in tourism to the SAR. The group predicted this increase in early March, noting a growing number of patrons and heightened interest in its live multi-game (LMG) terminals.
The sale and leasing of electronic gaming equipment and systems in Macau brought in HK$363 million ($46.67) in revenue for 2024, up by nearly 540 percent.
Adjusted EBITDA for the group during the rose to HK$453 million ($58.24 million), up by nearly 240 percent, due to significant rises from its Kam Pek Paradise casino and sale/leasing of EGM equipment and systems.
The group is currently focusing beyond Macau, expanding its business of supplying gaming equipment and systems to other Asian markets, particularly the Philippines, as well as the North American markets. At the end of 2024, the group had a total of 24 units of slot machines deployed in two leading integrated resorts in the Philippines for trial, and a total of 144 mini slot machines for the local market in the Philippines.
In a separate filing, the company announced that Co chairman Jay Chun has been redesignated as chairman of the board. This comes as executive Zhang Jianjun tendered his resignation as an executive director and Co chairman of the board, effective from March 27th.
