Paradise Ent reports Q3 results, launches share award scheme

Hong Kong-listed Paradise Entertainment saw its total revenue in 19Q3 decrease 0.5 percent year-on-year to HK$270.9 million, due mainly to a fall in revenue from casinos under the group’s management. 

Reported revenue from casinos under the Group’s management in Q3 was HK$245.2 million, representing a decrease of 9.3 percent from the prior-year period. 

However, revenue from electronic gaming equipment and systems increased 1,252.6 percent to HK$25.7 million in the same quarter. 

Adjusted EBITDA for the group was HK$443.5 million, representing a 9.5 percent decrease from 18Q3. 

On Monday, the company also announced it is launching a new share award scheme, aimed at incentivizing and motivating its employees. 

Paradise said the objectives of the scheme is to enable the company to grant Awards to employees as incentives and/or rewards for their contribution to the group; reward employees who have contributed to the development and success of the group; incentivise employees to remain with and/or to confirm their contribution to the group; motivate employees to strive for the future development and expansion of the group; and attract skilled and experienced personnel for the further development and expansion of the Group by providing them with the opportunity to obtain equity interests in the company.

Paradise said the total number of awards granted by the board under the scheme will not exceed 10 percent of the total number of issued shares at the adoption date of November 11. 

No grantee will have more than 1 percent of the total number of issued shares.