Hong Kong-based company Paradise Entertainment announced it won’t continue the management of Casino Waldo.
Hong Kong.- Paradise Entertainment has released its 2019 annual report and announced it has withdrawn from the management of the Casino Waldo.
“Considering the recent requirement to invest further for additional monitoring system and equipment to Casino Waldo to comply with new regulatory requirements which we considered that might be not recovered before the end of the existing gaming concession, the relatively high operating costs of the casino, and also the adverse impact from the recent outbreak of respiratory illness, following the expiration of the related service contract on February 29, 2020, the group decided to cease providing casino management services in Casino Waldo since March 1, 2020, and did not request for renewal or extension of the service contract”, the company explained in a statement.
It added: “The group shall then concentrate its focus on the operations of Casino Kam Pek Paradise so as to maximise the return from the provision of casino management service in this casino to the group.”
About its 2019 financial results, Paradise informed a total revenue amounted to HK$1.18 billion (€138.7 million), which was up 1.5 per cent year-on-year, and Adjusted EBITDA came in at HK$87, which was down 28 per cent on the 2018 figure.
About 85 per cent of the firm’s revenue came from the operation of the two Macau casinos, and the other 15 per cent from its electronic gaming equipment and systems business. The now-discarded Casino Waldo business accounted for more than a quarter of the company’s 2019 revenues.