Revenue of Macau-based gambling operator Paradise Entertainment Ltd. jumped 31.1 percent in the first three months of 2018 on the back of growing demand for electronic gaming equipment.
In a disclosure to the Hong Kong Stock Exchange, Paradise reported revenues of HKD308.4 million (US$39.28 million) in the first three months of 2018, up from HKD235.3 million ($29.97 million) in the same period last year.
Paradise also saw its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rebound to HKD51.8 million ($6.6 million) from a loss of HKD10.1 million ($1.29 million) in Q1 2017.
Its casino management business remains the most lucrative and biggest contributor to the company’s revenue. Revenue from casinos under Paradise’s management was HKD257.6 million ($32.81 million), up 19 percent year-on-year.
The company operates Kam Pek Paradise Casino on the Macau peninsula under the gaming license of SJM Holdings while it also manages the Waldo Casino and Hotel under a gaming license from Galaxy Entertainment Group.
Paradise’s total gross gaming revenue (GGR) from Kam Pek Paradise stood at HKD354.4 million (US$45.14 million), up 28.9 percent. Total GGR from Casino Waldo’s gaming operations dropped by 3.3 percent to HKD113.3 million (US$14.43 million).
Paradise saw the biggest revenue growth from the development, sale and leasing of electronic gaming equipment and systems, which leaped by 170.2 percent to HKD50.8 million ($6.47 million).
Electronic gaming equipment sales did not include the inter-company revenue from live multi-gaming (LMG) machines deployed in the casinos, according to Paradise.