Macau’s Paradise Entertainment Ltd has reported a profit of HK$381.9 million (US$47.4 million) for the year ended 31 December 2024, up 527% from a profit of HK$60.9 million (US$7.6 million) a year earlier.
According to information filed with the Hong Kong Stock Exchange, the increase – which included profit of HK$361.1 million (US$45.1 million) attributable to owners of the company – followed a 71.0% rise in group-wide revenue to HK$1.08 billion (US$135.5 million).
Paradise cited record-high sale of its flagship LMG terminals and systems to key gaming operators in Macau as well as greater volumes at Casino Kam Pek Paradise where the company provides management services under the license of SJM.
The company explained that improved performance at Casino Kam Pek Paradise was “driven by the popularity in and strong performance of LMG machines offered in and the number of patrons to the casino. LMG terminals have gained considerable popularity among gaming operators, particularly in light of rising operational and labor costs.”
Paradise reported Adjusted EBITDA of HK$453.0 million (US$56.6 million) in FY24, up 239% year-on-year, including Adjusted EBITDA of HK$310.4 million (US$38.8 million) from Casino Kam Pek Paradise, up 90.7%, and HK$156.4 million (US$19.6 million) from its electronic gaming equipment and systems segment, reversing a HK$14.8 million (US$1.9 million) loss in FY23.
The company noted that gross gaming revenues of HK$1.26 billion (US$157.5 million) generated at casino Kam Pek Paradise in FY24 included HK$806.6 million (US$100.8 million) from LMG terminals compared with HK$454.5 million (US$56.8 million) from traditional table games and HK$52.0 million (US$6.5 million) from slot machines.
Looking ahead, Paradise said, “As the sole provider of LMG systems and terminals in Macau, the Group leverages its strong industry reputation and leading position to drive innovation. We are committed to continually enhancing our advanced LMG systems to earn the trust of a diverse customer base in Macau and beyond.
“In light of the recent policy adjustments within the Macau gaming industry and evolving customer needs, the launch of our new version of the LMG systems presents an attractive solution for casino operators, offering improved cost-effectiveness and operational efficiencies. We are confident in our ability to capitalize on the ongoing transformation and robust growth of the gaming industry.”
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