Hong Kong-listed casino equipment maker Paradise Entertainment Ltd reported a profit of HKD139.4 million (US$17.8 million) for full-year 2025, down 63.5 percent from the prior year.
The company said in a Thursday filing that nearly 93.7 percent, or HKD130.6 million, of its 2025 profit was generated by the operation of Casino Kam Pek Paradise in downtown Macau, a business segment now classified as a “discontinued operation”.
Casino Kam Pek Paradise was run until December 1 last year by Paradise Entertainment, under the licence of gaming operator SJM Resorts Ltd. The latter is a unit of SJM Holdings Ltd.
Most Macau satellites were under the SJM group’s licence and all but one closed last year as part of citywide regulatory changes that saw the end of the satellite-casino sector.
Another factor impacting profitability at Paradise Entertainment was a HKD42.1-million payment to its employees and reimbursement to SJM Resorts for gaming-operation staff employed by SJM Resorts who worked for Casino Kam Pek Paradise. This payment was charged to Paradise Entertainment’s consolidated financial statements as expenses for employees’ compensation and benefits, the company said.
Jay Chun, chairman and managing director of Paradise Entertainment, was quoted in a press release accompanying the results announcement as saying: “2025 proved to be a challenging year for the group, presenting both opportunities and threats to the group’s businesses.”
He added: “We firmly believe that with every risk comes a potential opportunity, especially for those who are well-prepared. By proactively adapting to dynamic market conditions, the group is well-positioned to capitalise on emerging opportunities and enhance its resilience in navigating uncertainties through innovative products and technology.”
Paradise Entertainment, which also supplies casino equipment under the LT Game brand, saw its revenue from continuing operations decline by 45.1 percent year-on-year, to HKD201.3 million in 2025.
Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) for 2025 stood at HKD207.5 million, 54.2-percent lower than in the previous year. About 88.0 percent, or HKD182.7 million, of such EBITDA was derived from the provision of casino management services at Casino Kam Pek Paradise.
Paradise Entertainment said its board declared a final dividend of HKD0.025 per share, amounting to just over HKD26.3 million in aggregate. This year’s final dividend – down from HKD0.110 a year earlier – is to be paid on June 25.
Together with an interim dividend of HKD0.075 per share, the total dividend for full-year 2025 amounts to HKD0.10, down from HKD0.160 apiece in 2024.
Revenue in the electronic gaming equipment and systems segment declined by 45.3 percent year-on-year, to nearly HKD199.8 million in 2025. Adjusted EBITDA from this segment was HKD37.6 million, compared to HKD156.4 million in 2024.
“The decrease was mainly due to the decrease in revenue from the sale of live multi game (LMG) terminals in Macau and the increase in research and development and other costs of the business segment” during 2025, Paradise Entertainment stated.
Paradise Entertainment said the sale of LMG terminals had “weakened” during 2025, as customers might have opted to “postpone their purchases” in anticipation of the group launching its new LMG software, dubbed ‘Black Coral’.
LT Game told GGRAsia in an interview last year that it planned to continue developing new functions and features for its LMG product, in order to expand its reach across regulated gaming markets. The company had said it expected officially to launch Black Coral within the first quarter of 2026.
“Revenue recognition of this new version of LMG systems has not yet occurred,” the firm noted in its latest filing.
It added: “The group anticipates that Black Coral will enhance player engagement and accelerate the replacement of existing LMG terminals and systems in operation, hence driving future revenue growth of the group in this segment.”
LT Game launched recently its own iGaming brand, “Infernoplay”, for regulated online markets in Europe and Asia.
The company said in Thursday’s filing that a collection of new games was already in the “development pipeline” and would “soon be ready for launch with licensed online gaming operators”.
“Given the surging popularity of online gaming, the group anticipates that this venture may represent an additional growth opportunity in the near future,” it added.
The firm also said that following the closure of Casino Kam Pek Paradise, it had partnered with another gaming concessionaire in Macau to provide “professional advisory services” to a casino in Macau.
“Looking ahead, the group is committed to delivering exceptional services to the casino operator partner while actively capitalising on our knowledge and expertise to explore additional growth opportunities around the globe,” Paradise Entertainment stated.
