Hong Kong-listed casino equipment maker Paradise Entertainment Ltd reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) loss of HKD10.1 million (US$1.3 million) for the first quarter of 2017. That compares to adjusted EBITDA of HKD0.7 million in the first three months of 2016, the firm said on Monday.
Paradise Entertainment develops, supplies and sells electronic gaming systems in Macau and internationally under the LT Game brand. The company also provides casino management services in Macau under service agreements with two existing Macau operators.
The company said the casino management services segment posted an adjusted EBITDA loss of HKD26.4 million in the three months to March 31, representing an increase of 1.9 percent from the prior-year period. The development, sale and leasing of electronic gaming equipment and systems recorded adjusted EBITDA of HKD23.6 million for the period, down 29.3 percent from a year earlier.
Total revenue for the reporting period was HKD235.3 million, a decrease of 9.8 percent year-on-year, Paradise Entertainment said in a statement featuring unaudited selected highlights of first-quarter operating numbers.
In the first quarter, revenue generated by the provision of casino management services contributed 79.3 percent of the total revenue for the period. Such revenue fell by 4.0 percent year-on-year to HKD186.5 million.
Revenue from the development, sale and leasing of electronic gaming equipment and systems decreased by 26.6 percent year-on-year, to HKD48.8 million. That included HKD33.7 million in revenue sharing from live multi game (LMG) terminals and HKD15.1 million from the sale of new machines, the firm said.
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"I think for our property [Grand Lisboa Palace], looking at breaking-even and stabilisation, will take… 12 months or so, or less”
Daisy Ho Chiu Fung
Chairman of Macau casino operator SJM Holdings