Paradise Entertainment records loss in 15H1

Paradise Entertainment, a gaming systems supplier, recorded a loss of HK$11.8 million ($1.5 million) for the six months ended June 30, compared to a profit of HK$50.46 million for the corresponding period in 2014. 

Revenue for the period decreased to HK$571 million, representing a drop of 6.4 percent, which was attributable to the decrease in gross gaming revenue from the group’s casino management business. This was “mainly driven by the diminishing economic growth rate recorded in China and the widening anti-corruption campaign initiated by the central government of China.”

“In addition, the Group’s revenue was also undermined by a surge of overall operating expenses, particular the ever increasing labor costs.”

The company’s adjusted EBITDA dropped 66.3 percent to HK$49.8 million.

In June, the group installed 172 slot machines at Waldo Casino, “broadening the offering of the casino by providing a variety of choices to players, which brought about more revenue for the Group.”

Sales and revenue sharing of Live Multi Game Terminals contributed 20 percent of the total revenue.