Tue, Aug 27, 12:53pm by Staff Writer
Paradise Entertainment Limited has announced its unaudited consolidated interim results for the six months ending June 30.
News Maker reports that group achieved solid results with increases in both reported revenue and adjusted EBITDA.
The group reported a five per cent revenue increase, with a HK$23.8 million period profit.
Its Casino Kam Pek Paradise was affected by the temporary suspension of LMG terminals for upgrade, with the new technical standards and improved features to be functional moving forward.
The gross gaming revenue at the venue suffered as a result, down 7.4 per cent year-on-year to HK$636.5 million.
Live multi game machines contributed 38.8 per cent of total gross gaming revenue, with the average gross gaming revenue per table per day in the live multi game tables listed as HK$136,500.
The company is expected the debut of new slot machines in the global gaming markets and a continued interest in overseas opportunities to fuel its growth moving forward.
Self-developed slot machines will debut in the global market in the near future in areas such as Southeast Asia, Macau and the Americas.
The chairman and managing director of Paradise Mr Jay Chun commented, “During the period under review, the Group continued to record solid results for the first half of 2019, with a five per cent increase in total reported revenue to HK$592 million and six per cent increase in adjusted EBITDA to HK$63.3 million, when compared to those for the first half of 2018.”
Mr. Jay Chun added, “We look forward to the debut of our self-developed slot machines in the worldwide gaming markets including the Americas, Southeast Asia and Macau, etc.
Our new exhilarating slot games dazzled gaming patrons by delivering thrilling games, which were highly acclaimed on the gaming floor.
With a robust development pipeline to embrace slot machines’ supply, the Group is well-positioned to place itself at the forefront of the global gaming industry as we are no longer a mere LMG products provider.
We are confident that the brand-new slot machines will generate fresh revenue streams for the Group.
Paradise Entertainment Limited Reports 2019 Interim Results https://t.co/B1NQ9uwac6
— Newsmaker (@NewsMaker) August 25, 2019
The availability of slot machines and new games also marks the ambition of the Group to increase its product presence in the global gaming equipment market.
“Looking ahead, the Group will never rest on its laurels but will continue to acquire top talents and increase its investment in high-tech and avant-garde gaming products, aiming to explore more opportunities in the gaming technology space and expand its market share in global gaming industry.
“The Group remains cautiously optimistic and will strive to identify new business opportunities in Macau and overseas markets and maximise returns to the shareholders,” Mr Chun said.
Paradise Entertainment Limited engages in the development, sale and leasing of electronic gaming equipment and systems globally, as well as the provision of casino management services in Macau.
Paradise is the inventor, patent owner and sole provider of Live-Multi Game terminals and dominates the Electronic Table Games market in Macau.
The Group has also been developing slot machines. Apart from operating two casinos, Casino Kam Pek Paradise and Casino Waldo, Paradise envisions to become a global leader in gaming equipment.
The Group is dedicated to innovate in the gaming equipment industry using top-notch and innovative technology to create new products.
They say they are committed to research and development to offer a wide range of product lines and launch new gaming products to add sustainable growth impetus, with gaming research and development and testing teams in our various offices including Las Vegas, Sydney, Taiwan, Zhuhai, Shenzhen and Macau.
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