Paradise Entertainment Ltd, parent of casino equipment maker LT Game Ltd, announced on Thursday that it has been selected to join several stock indices managed by the Hang Seng Indexes Co Ltd, with effect from Monday, March 9. The company said it expects the move to be a catalyst for improvement in trading of its shares.
Paradise Entertainment will join the Hang Seng Broad Consumption Index (HSBCI); the Hang Seng Global Composite Index (HSGCI); and the Hang Seng Composite Index (HSCI), the latter offering a comprehensive benchmark covering the top 95 percent of the total market capitalisation of companies listed on the main board of the Hong Kong Stock Exchange.
The company will be included in two component indices of the HSCI, including the Hang Seng Composite Industry Index (Consumer Services) and the Hang Seng Composite SmallCap Index, Paradise Entertainment said in Thursday’s press release.
“We believe that our inclusion in several of Hang Seng’s key indexes will create more awareness of the company’s equity and potentially improve the liquidity of trading in Paradise shares,” Jay Chun, chairman and managing director of Paradise Entertainment, said in a statement.
“This important recognition from Hang Seng is a vote of confidence of the company’s health and growth, and highlights our expanding presence in the Asia Pacific gaming marketplace as players embrace our innovative electronic gaming solutions such as the Live Multi-Game terminal,” he added.
Each of the indices managed by Hang Seng uses a free-float-adjusted market capitalisation weighted methodology and each constituent has an estimated free-float-adjusted factor (FAF). The FAF, which is reviewed quarterly, represents the proportion of shares that is free-floated as a percentage of issued shares.
Paradise Entertainment will enter with a FAF of 45 percent, it said.
The group is principally engaged in the development, provision and sales of electronic gaming systems and the provision of casino management services, marketed under the LT Game brand.
In August, Paradise Entertainment announced a three-year strategic cooperation deal with U.S.-based casino technology supplier International Game Technology (IGT). Paradise Entertainment last month said it was adding more Live Multi Game terminals to the Macau market and that it had made its first sale of such terminals in the U.S. gaming market.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia