Macau’s Paradise Entertainment Ltd has announced the launch of a new business segment that will see it engage in the supply of smart charging stations and smart charging equipment for electric motorcycles, bicycles and vehicles in mainland China.
The new segment follows the appointment of Zhang Jianjun as an Executive Director and co-Chairman of the company in December 2022, with Paradise citing his “profound work experience in industries providing innovative or renewable energy solutions.”
In a Friday filing, the company said it has been exploring new business opportunities and seeking to diversify the group’s business portfolio to broaden its source of income and future earning capability.
“The Group is prepared to develop a diversified business portfolio and actively pursue investments with suitable partners in industries providing innovative or renewable energy solutions in addition to its core gaming business,” Paradise said.
“The Board considers that, given the increasing promotion of the use of innovative or renewable energy and reduction of carbon emission, there is a potential growing demand for E-Vehicles and related smart charging stations and smart charging equipment in mainland China.
“The Board expects that the new business activity will enable the Group to expand its business portfolio, broaden its revenue base, diversify its income stream and potentially enhance its financial performance.”
Paradise provides casino management services to Paradise Kam Pek Casino on the Macau peninsula and also develops, sells and leases electronic gaming equipment – including live multi-game terminals – to operators.
The company previously reported a US$21 million loss in 2022.
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