Macau’s Paradise Entertainment Expands into Philippines with New Office

August 29, 2024 Philippines Casino & Hotel

Macau-based Paradise Entertainment Ltd, known for its Live Multi-Game Terminals and as the manager of Casino Kam Pek Paradise, is setting its sights on the Philippines for its next major business expansion. The company announced plans to open an office and showroom in the country, aiming to capitalize on the booming electronic gaming market there.

Paradise Entertainment revealed its financial results for the first half of 2024 on August 28, 2024. According to Inside Asian Gaming, Paradise Entertainment registered profits of HK$119.4 million (US$15.3 million), reversing a loss of HK$3.0 million (US$385,000) from the previous year. This turnaround was driven by a significant increase in sales across its core business segments.

Paradise Entertainment highlighted its expansion strategy, focusing on the Philippines due to its status as Asia’s largest electronic gaming machine market. The company sees this as an opportunity to use its expertise in gaming equipment and systems to cater to the diverse preferences of Filipino players.

The company’s growth in the first half of 2024 was marked by a 72.4% increase in revenue, totaling HK$425.3 million (US$54.5 million). Of this, HK$356.5 million (US$45.7 million) came from Casino Kam Pek Paradise, while HK$68.2 million (US$8.7 million) was generated from the sale of electronic gaming equipment and systems under the LT Game brand. Gross Gaming Revenue (GGR) at Casino Kam Pek Paradise rose by 48.3% year-on-year to HK$651.7 million (US$83.5 million), with Live Multi-Game Terminals contributing HK$385.6 million (US$49.4 million).

In the gaming equipment segment, Paradise earned HK$68.2 million (US$8.7 million), including HK$47.1 million (US$6.0 million) from selling 235 LMG terminals and related products, HK$19.2 million (US$2.5 million) from upgrading LMG terminals, and HK$1.9 million (US$243,500) from leasing equipment.

While Paradise Entertainment has not yet generated revenue from international markets, it has made significant strides in the Philippines. The company has secured agreements to trial 24 slot machine units with local integrated resorts, collaborate on deploying 144 mini slot machines, and work with distributors to promote its gaming products in the Philippines.

Paradise Entertainment indicated in its statement: “Looking ahead, the Group recognizes that the global economic development remains vulnerable and unpredictable towards factors such as geopolitical tensions, monetary policies and high interest rates,” the company said.

“In view of these uncertainties and challenges, the Group is committed to an adaptive but prudent approach. Recognizing the immense potential in the growing markets across Asia, such as the Philippines, Vietnam and Cambodia, as well as the North American markets, the Group will take a proactive approach to explore these overseas gaming opportunities in addition to the Macau gaming market.”