Hong Kong-based company Paradise Entertainment announced it won’t continue the management of Casino Waldo.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- Paradise Entertainment<\/strong><\/em> has released its 2019 annual report and announced it has withdrawn from the management of the Casino Waldo.<\/p>\n\n\n\n \u201cConsidering the recent requirement to invest further for additional monitoring system and equipment to Casino Waldo to comply with new regulatory requirements which we considered that might be not recovered before the end of the existing gaming concession, the relatively high operating costs of the casino, and also the adverse impact from the recent outbreak of respiratory illness, following the expiration of the related service contract on February 29, 2020, the group decided to cease providing casino management services in Casino Waldo since March 1, 2020, and did not request for renewal or extension of the service contract”, the company explained in a statement.<\/p>\n\n\n\n It added: \u201cThe group shall then concentrate its focus on the operations of Casino Kam Pek Paradise so as to maximise the return from the provision of casino management service in this casino to the group.\u201d<\/p>\n\n\n\n About its 2019 financial results, Paradise informed a total revenue amounted to HK$1.18 billion (\u20ac138.7 million), which was up 1.5 per cent year-on-year, and Adjusted EBITDA came in at HK$87, which was down 28 per cent on the 2018 figure.<\/p>\n\n\n\n About 85 per cent of the firm\u2019s revenue came from the operation of the two Macau casinos, and the other 15 per cent from its electronic gaming equipment and systems business. The now-discarded Casino Waldo business accounted for more than a quarter of the company\u2019s 2019 revenues.<\/p>\n","protected":false},"excerpt":{"rendered":" Hong Kong-based company Paradise Entertainment announced it won’t continue the management of Casino Waldo.<\/p>\n","protected":false},"author":2,"featured_media":4960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Paradise Entertainment has ceased its casino management services for Casino Waldo, effective March 1, 2020, citing unrecoverable investment for new regulatory compliance, high operating costs, and the adverse impact of a respiratory illness outbreak. The company will now concentrate on Casino Kam Pek Paradise, despite Casino Waldo contributing over a quarter of its 2019 revenues. This strategic divestment follows a year where the group reported a 1.5% revenue increase to HK$1.18 billion but a 28% decline in Adjusted EBITDA.","focusai_entities":"Paradise Entertainment, Casino Waldo, Casino Kam Pek Paradise","focusai_location":"Hong Kong, Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.85), operator_casino (0.9), tech_data (0.75), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Impact","query":"What specific new regulatory requirements for monitoring systems were deemed unrecoverable, and how might this precedent impact other Macau concessionaires nearing renewal or facing similar capital expenditure mandates?"},{"label":"Strategic Re-evaluation","query":"Given Casino Waldo's contribution of over 25% to 2019 revenues, what is Paradise Entertainment's revised financial outlook and strategic plan to mitigate this revenue loss and maximize returns from Casino Kam Pek Paradise?"}],"footnotes":""},"categories":[160,157,28,16338,158],"tags":[29,1619],"class_list":["post-4958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-business-news","category-casino-news","category-east-asia-news","category-slider-home","tag-casino","tag-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4958","targetHints":{"allow":["GET"]}}],"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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=4958"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4958\/revisions"}],"predecessor-version":[{"id":777008650,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4958\/revisions\/777008650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4960"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=4958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=4958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=4958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}