Paradise Entertainment posts losses of US$25m for 2020

The Macau gaming company has posted revenue of HK$351.7m (US$45.3m) for FY2020, a 70.2 per cent decline from the prior-year period.

Macau.- Paradise Entertainment Ltd has reported a 70.2 per cent decrease in revenue year-on-year for the fiscal year 2020.

Revenue totalled HK$351.7m (US$45.3m) and adjusted EBITDA for the year was a loss of HK$101.1m (US$13m).

The company reported losses in all segments, especially in Electronic Gaming Equipment and Systems, which saw an 85.8 per cent fall in revenue year-on-year to HK$25.3m (US$3m) and an adjusted EBITDA loss of HK$71.6m (US$9m).

Jay Chun, Paradise Entertainment chairman and managing director, said: “2020 has been an exceptionally challenging and difficult time for all business sectors, and the gaming industry was not an exception, as Covid-19 has impacted every sphere of life and has upended all economies.”

Casino Kam Pek Paradise, the one casino still under the group’s management, saw a 56 per cent fall in revenue to HK$556.6m (US$72m).

Paradise Entertainment announced in March 2020 its withdrawal from the management of the Casino Waldo, but the first two first months of the casino’s operations contributed GGR of HK$43.4m (US$6m) and an adjusted EBITDA loss of HK$17.8m (US$2m).