Paradise Ent 17H1 loss narrows, but revenue falls

Monday 21st of August 2017

Paradise Entertainment Ltd recorded a loss of HK$35.3 million (US$4.5 million) for the six months ended June 30, 2017, compared to a loss of HK$410.5 million recorded in the prior year period.

Paradise said the improvement was mainly due to the fact a loss from last year was not repeated. The company reported a loss of HK$334.8 million in relation to the assignment and license of patents and associated technology to IGT in April 2016.

Total reported revenue for the group was HK$489.3 million, representing a decrease of 5.9 percent over HK$519.8 million in 16H1.

The decrease was partly due to the change of the contractual arrangement of the Casino Macau Jockey Club from provision of casino management services to revenue sharing from LMG terminals since 1 January 2017, said Paradise in a filing.

Revenue from the provision of casino management services fell slightly by 0.9 percent to HK$399.1 million, whilst the group’s revenue from gaming systems segment reached HK$90.2 million for the six months ended 30 June 2017, a decrease of 23 percent over HK$117.1 million for the six months ended 30 June 2016.

The company did not recommend the payment of an interim dividend for 17H1.

Earnings & Filings Decline Loss Revenue