Paradise warns of substantial loss for full year 2016

Paradise Entertainment, supplier of electronic gaming machines, says it expects to record a “substantial loss” for the year ending December 31, 2016, according to its filing to the Hong Kong Stock Exchange.

“The expected loss …is mainly attributable to the preliminary estimated loss relating to grant of exclusive right to make, market and distribute electronic gaming systems involving assignment and license of certain patents and associated technology of approximately HK$335 million (US$43.2 million),” said the company in its filing.

The company reported a loss of approximately HK$149 million in 2015.