The rise is mainly attributed to an increase in revenue from its casino management services in Macau.
Macau.- Paradise Entertainment has announced that it expects to record a profit of HK$381.9m (US$49.1m) for 2024. That would be an increase of 527.1 per cent in year-on-year terms from HK$60.9m (US$7.84m) in 2023.
The company says the rise was driven by a 27.2 per cent increase in revenue from casino management services in Macau due to higher gaming revenue at Casino Kam Pek Paradise, following an increase in visitation and popularity of live multi game (LMG) terminals. Paradise Entertainment reported a 543.1 per cent increase in revenue from selling/leasing electronic gaming equipment and systems, mainly attributed to a rise in demand for LMG terminals and related products.
The company said it benefited from the expansion of China’s individual travel scheme and the rise in international events in Macau. It said: “The increase in tourist arrivals to Macau during the reporting period has benefited the group’s operations in Macau by boosting the number of patrons at Casino Kam Pek Paradise and enhancing the appeal of the Group’s electronic gaming equipment and systems (including the LMG terminals and related products) to casino operators in Macau.”
Paradise Entertainment expects to publish its financial results by the end of March. In 2023, the company posted revenue of HK$634.3m (US$81m), up 113 per cent on year-on-year terms. Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) reached HK$133.6m, compared with a negative figure of HK$109m a year earlier. Profit attributable to its owners was just under HK$65.8m (US$8.4m).
The rise is mainly attributed to an increase in revenue from its casino management services in Macau. Macau.- Paradise Entertainment has announced that it expects to record a profit of…
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