Paradise Entertainment revenue up 113% in 2023
Revenue was HK$634.3m (US$81m), up 113 per cent when compared to last year.
Macau.- Paradise Entertainment has posted revenue of HK$634.3m (US$81m) for 2023, up 113 per cent on year-on-year terms. Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) reached HK$133.6m, compared with a negative figure of HK$109m a year earlier. Profit attributable to its owners was just under HK$65.8m (US$8.4m).
The company attributed the increase in revenue to growth in various segments, including casino management services in Macau, the sale of electronic gaming equipment and systems in Macau, and its new innovative and renewable energy solutions business. Revenue from casino operations amounted to HK$564.8m, up 111.6 per cent in year-on-year terms.
The Casino Kam Pek Paradise generated a profit of HK$162.8m (US$20.8m), compared to a loss of HK$38m (US$4.8m) in the previous year. The electronic gaming equipment and systems segment also showed improvement, with a reduced loss of HK$14.8m (US$1.8m) compared to HK$53.6m (US$6.8m).
The company reported that the electronic gaming equipment and systems segment saw an increase in sales and leasing and a decrease in research and development costs, which included relocating certain activities from overseas offices to Macau and mainland China. However, Paradise Entertainment also reported a decrease in revenue from the sale and leasing of electronic gaming equipment and systems in overseas markets.
