Casino games maker and casino management firm Paradise Entertainment Ltd says market deployment of slot machine products it has developed by itself, has been set back due to the Covid-19 pandemic.
The Hong Kong-listed firm controls LT Game Ltd, a brand that provides of electronic gaming equipment and management technology for casinos.
“The [Covid-19] pandemic has swept the globe, and most casinos, especially those in the U.S. and… Southeast Asian countries, let alone Macau… were also shut down for certain periods in 2020,” noted Paradise Entertainment’s chairman and managing director, Jay Chun.
Mr Chun added: “This has inevitably affected the deployment plan of our self-developed slot machines in these markets.”
His comments were included in the Paradise Entertainment annual report for 2020, filed to the Hong Kong bourse on Monday.
Prior to the impact of Covid-19, Paradise Entertainment had said the company was working to diversify its business by investing in developing slot machines and new electronic table game products. LT Game had already started to launch these products in its home market of Macau, and in North America and other overseas markets.
To counter the impact of the Covid-19 pandemic, Paradise Entertainment mentioned in its annual report, that it had implemented various moves to broaden its sources of income and to control costs,. They included the reducing of “marketing and promotional” expenses of Macau casino operations under the company’s management.
The decision made in 2020 not to renew a casino-management services contract at Macau’s Casino Waldo – a property under the licence of Galaxy Entertainment Group Ltd – was a “right” measure in terms of cost control, Paradise Entertainment said in the annual report.
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Normalised net profit after tax and before amortisation of acquired intangibles (NPATA) reported by casino slot machine maker and digital games provider Aristocrat for the six months ended March 31