Paradise Entertainment profit reaches new record in 2024
Profit attributable to owners was up 527.1 per cent year-on-year.
Macau.- Paradise Entertainment has shared its financial results for the year 2024. It posted a profit attributable to its owners of just under HK$381.9m (US$49.1m). That’s an increase of 527.1 per cent in year-on-year terms. Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) reached HK$453m (US$58.3m), up 239.1 per cent in year-on-year terms.
Revenue was HK$1.08m (US$0.14m), up 71 per cent year-on-year, mainly due to the increase in revenue from casino management services and the sale of electronic gaming equipment and systems in Macau. Revenue from the sale/leasing of electronic gaming equipment and systems amounted to HK$365.3m (US$47m), up 539.8 per cent in year-on-year terms. Adjusted EBITDA from this segment was HK$156.4m (US$20.1m), compared to negative -HK$14.8m (-US$1.9m) in 2023.
The Casino Kam Pek Paradise generated gross gaming revenue (GGR) of HK$1.3m (US$0.17m). That’s an increase of 27 per cent year-on-year. Adjusted EBITDA from operations at the casino was HK$310.4m (US$39.9m), representing an increase of 90.7 per cent year-on-year, driven by GGR from live multi-game (LMG) terminals at Casino Kam Pek Paradise in Macau amid an increase in the number of patrons.
Jay Chun, who has been redesignated from a co-chairman of the board, to chairman following the resignation of Zhang Jianjun as an executive director and co-chairman, said: “The group maintains a positive outlook on Macau’s prospects, supported by several key factors. Firstly, recent policies of Macau emphasise a focus on the mass gaming market, which aligns seamlessly with the group’s business development strategy.
“Notably, the recent expansion of the individual travel scheme and the new visa regulations for residents and residence permit holders in the Hengqin Guangdong-Macao In-Depth Cooperation Zone, etc. significantly enhance accessibility for visitors from Mainland China to enter into Macau. Additionally, the ongoing development of Macau’s infrastructure, such as the opening of the fourth Macau-Taipa Bridge in the second half of 2024 and the inauguration of the Jinhai Bridge, which provides for a direct car and rail link from Zhuhai Airport to Hengqin and Macau, plays a crucial role in positioning Macau to accommodate a significant increase in visitors from Mainland China and beyond. These advancements further solidify Macau’s position as a premier destination.
“The group is strategically committed to catering to the mass market, with our cutting-edge electronic gaming equipment and systems at Casino Kam Pek Paradise specifically designed to deliver patrons an unmatched and immersive gaming experience. As the group is navigating the three-year transition period for satellite casinos in Macau under the newly enacted Macau gaming law, we remain firmly committed to delivering exemplary casino management services. Our proactive approach includes identifying and pursuing collaboration opportunities that align with the evolving regulatory landscape, ultimately contributing to the sustainable growth of Macau’s gaming industry. By leveraging these developments, we aim to ensure that our operations remain at the forefront of this vibrant market.”
