• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Paradise Ent renews supply deal with in-law of chairman

Dec 13, 2019 Newsdesk Industry Talk, Latest News  


Paradise Ent renews supply deal with in-law of chairman

Hong Kong-listed gaming equipment and casino services firm Paradise Entertainment Ltd is renewing a “supply framework agreement” with an in-law of Jay Chun, the firm’s chairman. The partnership produced fewer than HKD1 million (US$128,000) in sales for Paradise Entertainment in the first 10 months of 2019, said the Thursday filing giving the news.

The agreement is with Feng Linyi, brother-in-law to Mr Chun (pictured in a file photo), said Paradise Entertainment. Mr Feng’s side is described as being “principally engaged in the development, manufacture, distribution, sale, marketing and promotion of, among other things, electronic gaming products in overseas markets including the United States, Canada and Australia.”

Mr Chun previously told GGRAsia the products covered by the agreement with his in-law referred mainly to slot machines and card shufflers, and were not covered by a 2016 intellectual property agreement between the firm and casino gaming equipment supplier International Game Technology Plc (IGT).

The renewed supply framework agreement covers full 2020. Under the deal, Paradise Entertainment would supply “by itself or procure other members of the group to supply” the relevant products to Mr Feng’s side. Such products would be “for the buyers’ development, manufacture, sale, marketing and distribution (where applicable) of electronic gaming products in markets including but not limited to the United States, Canada, Australia.”

Paradise Entertainment’s filing added: “The annual cap under the renewed supply framework agreement for the year ending December 31, 2020 is HKD40 million.”

The two sides had inked a similar deal – with a similar annual cap – for full 2019. The aggregate value of the transactions under such agreement reached HKD997,000 for the first 10 months of 2019, Paradise Entertainment said in its latest filing.

“The low usage of the cap so far in 2019 was mainly due to some technical issues of certain parts of the products supplied by third parties which caused unexpected delay in launching the products in the markets,” said Paradise Entertainment. The firm did not provide further detail on the matter.

Paradise Entertainment will continue to supply its products to Mr Feng’s side “at an 8-percent to 10-percent discount from the group’s respective suggested retail prices of such products… and shall be no more favourable than those pricing discounts offered to other independent third parties by the group for similar model and size of order of the products.”

According to Paradise Entertainment’s latest filing, Mr Feng is also a director in some subsidiaries of Paradise Entertainment.

Paradise Entertainment supplies electronic gaming machines under the LT Game brand, and specialises in so-called live multi game products – featuring a live dealer but automated betting and bet settlement. Mr Chun is the firm’s controlling shareholder, chairman and managing director.

Third-quarter group adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 66.5 percent year-on-year at Paradise Entertainment, said the firm in November.


  • tweet
Related articles
  • Paradise Ent renews supply deal with Jay Chun in-law
    Paradise Ent renews supply deal with...

    Dec 11, 2020  

  • Paradise Ent US$14mln 1H loss, product sales down 89pct
    Paradise Ent US$14mln 1H loss, product...

    Aug 27, 2020  

More news
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • Mass market play record 65pct Macau GGR in 4Q: govt
    Mass market play record 65pct Macau GGR...

    Jan 15, 2021  


Latest News

CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Recent advisory notices issued by a number of local authorities in mainland China, calling on residents not to travel during the February Chinese New Year (CNY) break, further clouds the prospects...
Read More
Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”

Vitaly Umansky, Kelsey Zhu and Tianjiao Yu

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Police find US$11m of missed Landing cash, suspects soughtPolice find US$11m of missed Landing cash, suspects sought January 14, 2021
  • Still Asia focus for LVS post chairman death: BernsteinStill Asia focus for LVS post chairman death: Bernstein January 14, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us