Paradise Entertainment Limited has reported an overall HK$111.3 million (US$14.5 million) loss for the first six months of 2020, impacted by the Covid-19 pandemic.
Group revenue was down more than 70 percent in the period to HK$177.3 million.
Breaking it down by segment, GGR at the Casino Kam Pek Paradise decreased by 58.8 percent year-on-year to HK$262.4 million, contributing a loss of HK$14.1 million to the group; Casino Waldo GGR was HK$43.4 million, contributing a loss of HK$21.8 million; and the firm’s electronic gaming equipment and systems division saw its revenue decrease by 87.7 percent to only HK$11.4 million.
Jay Chun, chairman and managing director of Paradise Entertainment commented, “No doubt, the pandemic has affected the businesses of the group severely and caused a range of unforeseen challenges to the group.”
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Covid-19 forced the rapid and unexpected closure of venues across Australia, changing the operating environment with unprecedented speed and leaving managers scrambling to adapt...
Nagasaki Governor Hodo Nakamura has announced that his prefecture’s RFP process would commence from January 7, showing his eagerness to get an early jump on compiling an IR licensing proposal that cannot be submitted until at least October, under the revised timeline.
Century Entertainment, formerly known as Amax International, announced plans to consolidate its shares on a five-for-one basis and to increase its authorized share capital.
Studio City Finance Limited has announced that it has priced its international offering of senior notes due 2029 at US$750 million. The 5 percent senior notes will be due 2029.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
