Casino equipment maker Paradise Entertainment Ltd has completed its purchase of warehouse space in Macau for HKD128.5 million (US$16.4 million).
Paradise Entertainment told the Hong Kong Stock Exchange on Friday that a subsidiary now owned the property.
The company had previously announced it would use the 33,000 square feet (3,066 sq metres) of space in the Centro Polytex industrial building in the Areia Preta district of Macau to store its inventory.
The Paradise Entertainment subsidiary that owns the property is Century Force Ltd. The company said it would borrow from banks or use its own reserves to pay for the space.
Paradise Entertainment sells electronic gaming equipment and systems in Macau and abroad under the LT Game brand. It also runs casinos in satellite establishments in Macau that make use of the gaming permit of one of the city’s six casino licensees.
The space bought by the company will replace some it previously rented for storing electronic gaming machines, equipment and spare parts.
Paradise Entertainment reported adjusted earnings before interest, tax, depreciation and amortisation of HKD51.8 million in the first quarter of this year, having made an adjusted loss before interest, tax, depreciation and amortisation a year earlier.
Paradise had said the turnaround was due in part to greater revenue from electronic gaming equipment and systems. Revenue from sales of electronic gaming equipment and systems – via its LT Game brand – more than doubled in year-on-year terms, to HKD54.7 million, compared to HKD27.0 million in the first six months of 2017.
Revenue from Macau casinos under the group’s management was up 10.1 percent year-on-year, at HKD509.2 million.
Mar 05, 2021Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Mar 05, 2021
Mar 05, 2021
“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"
Junling Tan, Yu Sheng Tay and Vikas Halan
Analysts at credit rating agency Moody’s Investors Service