{"id":32981,"date":"2022-08-26T02:58:48","date_gmt":"2022-08-26T05:58:48","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32981"},"modified":"2022-08-26T12:28:42","modified_gmt":"2022-08-26T15:28:42","slug":"paradise-entertainment-posts-us11-2m-loss-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/paradise-entertainment-posts-us11-2m-loss-for-h1","title":{"rendered":"Paradise Entertainment posts US$11.2m loss for H1"},"content":{"rendered":"\n<p>The company\u2019s net loss for the period widened three-fold on a year-on-year basis.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Macau.-\u00a0<strong>Paradise Entertainment<\/strong> <strong>Ltd\u00a0<\/strong>has seen its loss widen further. For the first half of the year, the company posted a net loss of HK$87.9m (US$11.2m). That compares to <strong>a net loss of\u00a0<\/strong>HK$20.8m (US$2.7m) <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/paradise-entertainment-posts-losses-of-us2-7m-for-h1\" target=\"_blank\">for the first half of last year.<\/a><\/p>\n\n\n\n<p>Revenue was down<strong>\u00a029.8 per cent\u00a0<\/strong>year-on-year to HK$181.1m. Group-wide EBITDA was negative at HK$64.4m compared to a positive figure of HK$5.1m in the first half of 2021. As of June 30, the group had cash and cash equivalents of nearly HK$36.7m and net working capital of just over HK$73m.<\/p>\n\n\n\n<p>During the first half, Paradise entered into a HK$60m unsecured 10 per cent interest rate loan agreement with\u00a0<strong>Jay Chun<\/strong>, its chairman and managing director, to &#8220;strengthen the group&#8217;s liquidity&#8221;.\u00a0After the reporting period, Chun agreed to double the line of credit to HK$120m, &#8220;repayable on December 31, 2023&#8221;.<\/p>\n\n\n\n<p>The company has\u00a0<strong>a service agreement for a satellite gaming venue at Casino Kam Pek Paradise<\/strong>. EBITDA at the casino in the first half slipped to a negative HK$23.3m, while the venue&#8217;s adjusted EBITDA was positive at HK$39.1m.<\/p>\n\n\n\n<p>EBITDA from Paradise Entertainment&#8217;s electronic gaming equipment and systems segment was negative by HK$30.4m for the six months ended June 30, versus HK$14.3m last year. The group attributed the change to the decrease in revenue from the provision of upgrading services to Live Multi-Game terminals in Macau.<\/p>\n\n\n\n<p>Despite the challenging business environment, Paradise Entertainment revealed it has <strong>invested HK$22.0m<\/strong>\u00a0in \u201cresearch and development and other costs on electronic gaming equipment and systems\u2026 to enhance its product specifications and competitive advantages, attract potential customers, and increase market penetration.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company\u2019s net loss for the period widened three-fold on a year-on-year basis.<\/p>\n","protected":false},"author":176,"featured_media":14896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"footnotes":""},"categories":[157,16338],"tags":[23722],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32981"}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32981"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32981\/revisions"}],"predecessor-version":[{"id":33006,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32981\/revisions\/33006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14896"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}