Paradise Entertainment Ltd, a Hong Kong-listed maker of casino electronic games for Macau and other casino markets under the LT Game brand, says a subsidiary has agreed to pay HKD90 million (US$11.48 million) in cash for 25,000 square feet (2,323 sq metres) of industrial space in Macau, which the group will use for warehousing.
Paradise Entertainment told the Hong Kong bourse on Tuesday that the subsidiary, Grand Step Ltd, had agreed to buy the warehouse space at Edifício Industrial Kin Ip from an unidentified seller unconnected with the company, and would complete the purchase on August 31.
The company said some of the industrial space was let to another party until October 2021.
The firm additionally mentioned it was already leasing warehouses in Macau for storing inventory, which includes electronic gaming machines, equipment and spare parts, and that owning its own warehouse space would save it having to pay so much in rent.
Last September Paradise Entertainment stated it had completed the purchase of 33,000 sq ft of warehouse space in the Centro Polytex industrial building in Macau for HKD128.5 million.
Paradise Entertainment also runs casinos in several so-called satellite establishments in Macau that make use of the gaming rights of either SJM Holdings Ltd or Galaxy Entertainment Group Ltd.
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”I do not believe that this event [the collapse of a under-construction building in Sihanoukville] will slow down the issuance of [gaming] licences. Market forces will probably dictate the process as developers evaluate projected future demand for gaming in the region”
Senior partner at business consultancy Global Market Advisors