Macau-based Paradise Entertainment Group saw a significant slowdown in 3Q18 after a strong start to the year, with group-wide revenue for the quarter up 1.9% year-on-year to HK$272.3 million.
The small increase brings Paradise’s GGR for the first nine months of the year to HK$836.2 million, up 10.5% on the same period in 2017, with Adjusted EBITDA showing a similar pattern – down 57.3% year-on-year for the quarter to HK$19.7 million but up HK$46.1 million in the nine months to 30 September 2018 to HK$47.0 million.
Paradise earlier this year reported that it had deployed 364 new LMG terminals in just three months through March, almost five times more than the total deployed in all of 2017, with 217 of those deployed at MGM COTAI’s X-Stadium in February.
The majority of reported revenue continues to be derived from casino operations, which enjoyed a slight 3.1% increase in GGR in 3Q18 to HK$270.4 million.
Revenue from electronic gaming equipment and systems was HK$1.9 million for the quarter, representing a decrease of 62.7% from HK$5.1 million in 3Q17. The nine-month total is considerably brighter with revenue of HK$32.0 million, a 76.9% year-on-year increase.
Separately, Paradise enjoyed solid growth from gaming operations at its flagship Casino Kam Pek Paradise where GGR rose 6.1% to HK$356.5 million, making amends for a 3.5% decline at Casino Waldo to HK$133.7 million.
Traditional gaming tables at Kam Pek proved popular during the quarter with revenue up from HK$185.6 million 12 months ago to HK$203.9 million while LMG tables suffered a slight decline.
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