Macau-based gaming equipment supplier and casino services firm Paradise Entertainment Ltd reported a profit attributable to its owners of just under HKD361.1 million (US$46.4 million) for full-year 2024. That was up 448.9 percent compared to a profit of HKD65.8 million in the prior year, according to a Thursday filing.
The result was on revenue that rose 71.0 percent year-on-year, to HKD1.08 billion.
Paradise Entertainment said its board declared a final dividend of HKD0.11 per share, amounting to HKD115.7 million. The dividend is to be paid on June 25.
Combined with an interim dividend of HKD0.05 per share paid in October, the firm paid about HKD168.3 million in dividends in relation to 2024.
In a separate filing on Thursday, Paradise Entertainment said Jay Chun has been redesignated from a co-chairman of the board, to chairman. It followed the resignation – effective from Thursday – of Zhang Jianjun as an executive director and co-chairman, stated the firm.
The announcement said Mr Zhang wished to “devote more time to his other personal commitments”.
The Hong Kong-listed company reported adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of HKD453.0 million for 2024, up 239.1 percent from a year earlier.
Paradise Entertainment, which supplies casino equipment under the LT Game brand, also has a service agreement for a satellite gaming venue at Casino Kam Pek Paradise (pictured) in downtown Macau, with SJM Holdings Ltd as its licence partner.
As of December 31, the group managed a total of 30 gaming tables and 100 units of slot machines and electronic table game machines in Casino Kam Pek Paradise.
The company said the group’s electronic gaming equipment and systems, including its ‘live multi-game’ (LMG) tables, had “gained considerable popularity” among casino operators in Macau.
“During the year ended 31 December 2024, the group demonstrated robust performance, benefitting significantly from the record-high sale of our self-developed patented flagship product, the LMG terminals and systems, to key gaming operators in Macau,” stated the firm.
“Revenue from our casino management services at Casino Kam Pek Paradise increased, driven by the popularity and strong performance of LMG machines offered, and the number of patrons to the casino,” observed Paradise Entertainment.
It added: “LMG terminals have gained considerable popularity among gaming operators, particularly in light of rising operational and labour costs.”
Revenue from Paradise Entertainment’s casino operations stood at HKD718.3 million in full-year 2024, up 21.4 percent from a year ago. Adjusted EBITDA from operations at Casino Kam Pek Paradise was HKD310.4 million last year, compared with HKD162.8 million in 2023.
Revenue in the electronic gaming equipment and systems segment grew to HKD365.3 million in 2024, compared to just under HKD57.2 million a year earlier. The 2024 adjusted EBITDA from this segment was HKD156.4 million, compared to a negative figure of HKD14.8 million in 2023.
In Thursday’s filing, Paradise Entertainment said it expected to open a new office and showroom this year in the Philippine capital, Manila.
“In view of the increasing appeal of electronic gaming equipment and systems to both the casino operators and patrons … the group is expanding its business of supplying gaming equipment and systems to other Asian markets, particularly the Philippines market, as well as the North American markets,” stated the company.
Paradise Entertainment said it had opened a showroom in Las Vegas, Nevada, in the United States, “providing comprehensive services for sale and lease of gaming machines in the U.S. gaming market”.
