Paradise Entertainment expects profit rebound in 2024

Aug 15, 2024 00:35

Paradise Entertainment Limited has announced it expects to return to profitability, driven by higher casino management and Live Multi-Game (LMG) revenues.

According to the company’s preliminary review, Paradise Entertainment is poised to record a profit of HKD119.4 million for the six-month period ending June 30, 2024, a significant turnaround from the HKD3 million loss reported in the same period last year. The profit alert comes after Paradise Entertainment reported a profit of HKD60.9 million in 2023, coming back from a HKD166.3 million loss in 2022.

Paradise Entertainment attributed the turnaround to two key factors: a 48.5% increase in revenue from casino management services in Macau, owing to a rise in gross gaming revenue at Casino Kam Pek Paradise, which Paradise Entertainment manages; and a staggering 1,743.2% surge in revenue from the sale and leasing of electronic gaming equipment and systems – particularly their Live Multi-Game (LMG) system – and related products, in response to growing demand from Macau’s casino operators. Nadia Shaw

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Paradise Entertainment expects profit rebound in 2024