Paradise Entertainment Limited posted a revenue of HK$563.9 million ($71.8 million) for the first half of 2018, up 15.2% from the same period last year.
The Hong Kong-based casino and gaming systems provider, in its press release, highlighted the performance of its electronic gaming equipment and systems, which saw revenue of HK$54.7 million ($7 million), up 102.6% from January to June 2017. The company said its strong sales here was “mainly driven by the Group’s deployment of a total of 217 live multigame terminals and other accessories like X-Stadium at MGM Cotai upon its opening on 13 February 2018.”
Revenue from casinos under the group’s management was up 10.1%, to HK$509.2 million ($64.9 million), while adjusted earnings before interest, depreciation, and amortization stood at HK$59.7 million ($7.6 million), up from HK$0.9 million ($115,000) in the same period last year.
Net profit was at HK$26.3 million ($3.4 million), after a net loss of HK$35.3 million ($4.5 million) in the first half of 2017, according to the company.
Chairman Jay Chun said, “Our efforts have begun to bear fruit and contributed to solid results despite the challenging and competitive operating environment in Macau.”
Chun noted that existing Dealer-Operated Electronic Table Games (DETG) were required by the Macau Gaming Inspection and Coordination Bureau to be updated before the end of 2019, “which has accelerated the upgrading and replacement cycles of all the deployed DETG machines of the Group in Macau.”
Paradise announced earlier this month that it had licensed electronic gaming table products developer Interblock for the rights to non-exclusive intellectual property of non-live multi-gaming machines in Macau, which the company sees helping them in their distribution of products in the special administrative region as well as markets overseas.
The company had earlier expressed interest in acquiring a casino license when these are made available in the coming years. It already operates the Kam Pek Paradise Casino through the license of SJM Holdings, and the Waldo Casino in partnership with Galaxy Entertainment.