Paradise Entertainment H1 profit gains on casino services

    Paradise Entertainment reported that its first-half profit gained 11.2 percent, helped by growth in revenue from casino services and said it’s eyeing expansion in the U.S.
    The Hong Kong-listed company had profit of $50.5 million ($6.5 million), up from $45.4 million in the year-ago period. Revenue jumped 51 percent to $610.4 million.
    The company said it recognized revenue from the Waldo Casino during the first half, while revenue from the Casino Kam Pek Paradise jumped by 20.6 percent.
    Casino services accounted for 86.9 percent of revenue, while the gaming systems business accounted for 13.1 percent.
    This month, the group established a strategic distributorship alliance with International Game Technology under which Paradise will serve as exclusive distributor for IGT’s slot
    machines in Macau while IGT will distribute the LMG systems on an exclusive basis in the United States and Canada.
    “Further to the strategic alliance with other global gaming entertainment leader, the group is
    well-positioned to continue to expand its global presence, especially in the United States, where the demand for electronic gaming machines has been growing,” it said in its results filing.