Gaming equipment and casino services firm Paradise Entertainment Ltd says it expects to report for full-year 2024 a more than sixfold increase in revenue and in profit year-on-year. It added that would be particularly thanks to a boost in either sales or leasing payments on its live multi game (LMG) electronic terminals in the Macau market.
The firm anticipates a 527.1-percent sequential rise in profit for the reporting period, to HKD381.9 million (US$49.1 million) compared to HKD60.9 million in 2023.
The firm said in a Wednesday filing that its full-year results should be out by the end of March, in compliance with Hong Kong Stock Exchange rules. For the first half 2024, the firm posted a a profit attributable to its owners of just above HKD116.1 million, which had been a big gain on first-half 2023.
The company said the full-year 2024 performance would be mainly due to two factors: its improved LMG sales and leasing business, and better trading at a Macau satellite casino – Casino Kam Pek Paradise downtown – which the group manages under the gaming licence of SJM Holdings Ltd.
Hong Kong-listed Paradise Entertainment controls the LT Game brand that makes the LMG terminals especially popular in the Macau market.
The parent stated there had been for 2024 “an increase of HKD308.5 million or 543.1 percent in the group’s revenue from the sale and/or leasing of electronic gaming equipment and systems, especially the LMG terminals and related products deployed to key casino operators in Macau”.
There had also been “an increase of HKD153.5 million or 27.2 percent in the group’s revenue from the provision of casino management services in Macau as a result of an increase in the gross gaming revenue generated in Casino Kam Pek Paradise … following an increase in popularity of the live multi game terminals offered in [it] and the number of patrons to the casino”.
The company said that an important factor supporting both those improvements was an “increase in tourist arrivals to Macau during the reporting period”.
This had “benefitted the group’s operations in Macau by boosting the number of patrons at Casino Kam Pek Paradise and enhancing the appeal of the group’s electronic gaming equipment and systems – including the LMG terminals and related products – to casino operators in Macau,” stated the company.
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