Paradise Entertainment Ltd., one of the leading suppliers and makers of equipment in the gambling and gaming industry, announced that it had made a net profit of HKD58.2 million (US$7.4 million) for FY ending 31 December 2018. In the Tuesday announcement, the company stated that their revenues had increased 15 percent from 2017 to HKD1.16 billion.
The company also said that their income before adjustments for the same year was HKD120.7 million over four times higher than the previous year. Paradise Entertainment operates and owns the LT game brand which develops equipment for popular casinos in Macau and also overseas.
Paradise Entertainment managing director and chairman Jay Chun said, “The paradigm shift of the Macau gaming industry from VIP to mass has been observed citywide, including the two mass- focused casinos under our management. In particular, Casino Kam Pek Paradise has gained increasing popularity among mass-gaming patrons. The abundance of live gaming machines in the casino offers a more affordable way of gaming for mass-market visitors who might not have otherwise been able to experience in other casinos’ traditional tables.”
Talking about the increased revenue and profits, Chun explained, “In 2018, gross gaming revenue derived from the casinos under our casino management services segment increased by 9.8 percent year-on-year whereas the total revenue for our gaming equipment and systems segment increased by 156.7 percent year-on-year.”
“Looking ahead, the group remains cautiously optimistic while we continue to seek expansion opportunities. In view of the group’s cash position with a low gearing ratio, we are actively exploring opportunities in the gaming technology space.”