Hong Kong-listed casino equipment maker Paradise Entertainment Ltd reported on Monday an improvement in its quarterly results, boosted by higher revenue in the electronic gaming equipment and systems segment.
The firm said adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) reached HKD51.8 million (US$6.6 million) in the three months to March 31. That compares to an adjusted EBITDA loss of HKD10.1 million in the first quarter of 2017.
Group-wide revenue was HKD308.4 million in the first three months of 2018, up 31.1 percent from the HK$352.1 million achieved in the first-quarter 2017, Paradise Entertainment said in Monday’s filing.
As well as making casino equipment under the LT Game brand such as the Live Multi Game product – an electronic table games platform featuring a live dealer but electronic betting and bet settlement – Paradise Entertainment also operates gaming at several Macau casinos under so-called services agreements piggybacking on the respective gaming licences of several Macau concessionaires.
Reported revenue from the development, sale and leasing of electronic gaming equipment and systems was HKD50.8 million, a jump of 170.2 percent from a year earlier.
Paradise Entertainment declared HKD257.6 million revenue from provision of casino management services for the three months to March 31, up 19 percent from the prior-year period.
The company operates Kam Pek Paradise Casino (pictured) on Macau peninsula under the gaming licence of SJM Holdings Ltd; as well as the casino at the Waldo Casino and Hotel, under a gaming licence from Galaxy Entertainment Group Ltd.
The company said gross gaming revenue (GGR) at Kam Pek Paradise Casino reached HKD354.4 million in the first quarter this year, an increase of 28.9 percent year-on-year. Revenue at Casino Waldo however fell by 3.4 percent year-on-year, to HKD113.3 million.
The casino equipment maker said in March it had narrowed drastically its full-year loss in 2017 compared to the prior year. Paradise Entertainment’s 2017 loss was just under HKD30.7 million, compared to nearly HKD380.4 million for the preceding 12 months.
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"I am not going to speculate on what the [casino licence refreshment] tender requirements would be. I have full confidence and faith in the Macau government to treat everyone fairly"
Wilfred Wong Ying Wai
President and chief operating officer of Macau-based casino operator Sands China