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Paradise Entertainment reports profit of $8.4 million for full-year 2023

March 27, 2024 Macau iGaming & GamblingIndustry Updates

For the fiscal year 2023, Paradise Entertainment Ltd., a Macau-based firm that provides gaming equipment and casino services, reported a profit of around HKD65.8 million (US$8.4 million).

In comparison to the HKD154.6-million deficit declared in 2022, this represents a significant improvement, according to a filing on Tuesday.

Sales for the firm reached HKD634.3 million, a 113.0% year-over-year gain. In the meanwhile, revenue from sales and services increased by only 14.6% annually to HKD309.7 million.

After a negative HKD109.0 million the previous year, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to HKD133.6 million in 2023.

In addition to providing casino equipment under the LT Game brand, Paradise Entertainment and SJM Holdings Ltd. are partners in the operation of Casino Kam Pek Paradise, a satellite gaming establishment located in central Macau.

The adoption of innovative renewable energy solutions, the sale of electronic gaming systems and equipment in Macau, and the growth in revenue from casino management services were the main drivers of the income increase.

The company’s casino operations brought in HKD564.8 million in revenue in 2023—a significant increase over 2022. The resort has 860 LMG terminals, 10 “live multi-game” (LMG) tables, 96 slot machines, 24 live-dealer gaming tables, and 10 LMG tables on average, up from 493 in 2022.

For the whole year 2023, Casino Kam Pek Paradise’s adjusted EBITDA from operations grew to HKD162.8 million, up from a negative figure the year before.

In 2023, the electronic gaming equipment and systems category had an 84.8% year-over-year rise in sales, reaching HKD57.2 million. Even though this sector’s adjusted EBITDA was still negative, it was higher than it was the previous year.

In 2023, the company branched out from gaming into “green” businesses, providing creative renewable energy solutions across China’s mainland. Sales from this new sector were HKD12.4 million in the previous year.

Paradise Entertainment owed HKD180.8 million in outstanding debt as of December 31, 2023.

The company and Nevada-based Empire Technological Group Ltd. are now involved in legal disputes in the United States about asset ownership, copyright, and other matters. In March of this year, Paradise Entertainment filed a copyright infringement case with the Nevada United States District Court.

Original story by: GGRAsia

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