Macau’s Paradise Entertainment Limited has issued a positive profit alert ahead of expected profit of HK$119.4 million (US$15.3 million) for the six months to 30 June 2024, reversing a loss of HK$3.0 million (US$385,000) from a year earlier.
In a filing, Paradise said the vastly improved result was mainly attributable to a 48.5% increase in group revenue to HK$116.5 million (US$15.0 million) from the provision of casino management services at Casino Kam Pek Paradise, the result of higher casino visitation and therefore higher gaming revenues generated.
The company also saw an increase of HK$64.5 million (US$8.3 million) or 1,743% in the group’s revenue from the sale and leasing of electronic gaming equipment and systems as a result of a significant rise in demand for live multi game terminals and related products in Macau.
“Following the full resumption of cross-border travel in February 2023, the relaxation of COVID-19 restrictions and the increase in tourist arrivals in Macau, the gaming industry has witnessed a strong rebound since the pandemic,” Paradise said.
“The solid recovery of the gaming industry from the pandemic and the surge in visitor arrivals in Macau during the reporting period have benefited the group’s operations in Macau, in particular the number of patrons to Casino Kam Pek Paradise, and the increasing appeal of the Group’s electronic gaming equipment and systems (including the LMG terminals and related products) to casino operators in Macau.”
Paradise said it expects to release its full 1H24 financial results by the end of the month, having previously reported a profit of HK$60.9 million (US$7.8 million) in 2023 which reversed a loss of HK$166.3 million (US$21.3 million) in 2022.
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