Paradise Entertainment 2014 profit drops 36 percent

Sunday 29th of March 2015

Gaming machine supplier Paradise Entertainment reported a year-on-year profit decline of nearly 36 percent in 2014, while its revenue increased 15.7 percent due to a strong performance of its Casino Kam Pek Paradise, the company announced.

Profit for the Hong Kong-listed company for the year decreased from HK$103 million ($13.2 million) to HK$66 million representing a drop of 35.9 percent.

“Reasons for the reduced profit were full year impact of Waldo Casino which was loss making, the initial overheads of Casino Macau Jockey Club, as well as the higher amortization from the acquisition of patent and patent applications in the U.S. completed in June 2013.”

The company’s revenue increased from HK$1 billion in 2013 to HK$1.2 billion following revenue growth of 16 percent at its Casino Kam Pek Paradise, which “far outperformed the gaming industry in Macau.” Macau’s industry recorded a growth rate of negative 2.6 percent last year.

“2014 was a challenging working environment for the Group as there was lack of new casino

openings in Macau to drive sales of LMG terminals. However, we took the opportunity to

introduce new products into the market to expand our product offerings.”

In April 2014, Paradise expanded its casino services by adding MJC Casino - the world’s first chipless casino - to its portfolio. It offers LMG terminals, E-baccarat Tables and slot machines. Also, in February the company announced that 24 Live Multi Game terminals on trial at The Palazzo in Las Vegas had been successfully converted into a sale.