Paradise Entertainment posts US$19.7m loss for 2022

Paradise Entertainment saw its loss attributable to owners increase by 79.5 per cent.

Macau.- Paradise Entertainment has posted a net loss of HK$154.6m (US$19.7m) for the full-year 2022. The figure was up 79.5 per cent compared to a loss of just above HK$86.1m in 2021.

Revenue was down 39.7 per cent year-on-year to HK$297.8m. Casino Kam Pek Paradise’s adjusted EBITDA from operations was a negative HK$38m, a sharp contrast to the positive adjusted EBITDA of HK$42.3m reported in 2021. The company attributed the decline primarily to a decrease in gross gaming revenue. Revenue from casino operations amounted to HK$266.9m, compared to HK$415.7m in 2021.

The electronic gaming equipment and systems segment’s adjusted EBITDA was negative, HK$53.6m, also a significant drop from the HK$21.2m loss recorded in 2021. The firm said the segment’s performance was negatively affected by a decrease in revenue from upgrading services provided to Live Multi Game (LMG) terminals in the Macau market. Revenue from the electronic gaming equipment and systems segment was HK$30.9m, compared to HK$78.4m in the prior year.

Dr. Jay Chun, co-chairman and managing director of Paradise, stated: “The Covid-19 pandemic and other uncertain external factors including geopolitical tensions, global surging inflation and interest rate hike, etc. remain a continuing challenge to the gaming and entertainment industry and other business sectors in 2022.”