Paradise Entertainment expects profit increase

The casino equipment maker has issued a “positive profit alert” for the first half of 2018 after posting good results for the period.

Macau.- Casino equipment maker Paradise Entertainment LTD revealed to the Hong Kong Stock Exchange that it has issued a “positive profit alert” for the first half of the year. The company revealed it has recorded an improved performance after last year’s US$4.46 million loss during the same period.

Paradise Entertainment reported its revenue improved by 10 per cent after GGR from the casinos controlled by the group’s management was up by just as much. In addition, revenues from sales of electronic gaming equipment and systems were up by 160 per cent year-on-year.

During the first quarter, the company posted an EBITDA of US$6.6 million, in comparison to a poor three months in 2017, when it saw adjusted EBITDA loss of US$1.2 million.

Paradise is set to continue to outperform itself as it has recently struck a deal to buy warehousing space in Macau for US$16.3 million to store inventory. The company was aided by banks to fund the transaction in addition to its own reserves and expects to continue growing in the future.