Paradise Entertainment revenue rises, boosted by gaming systems

Paradise Entertainment posted a 31.1 percent gain in Q1 profit, boosted mainly by surging revenue from its electronic gaming division.

Total reported revenue was HK$308.4 million ($39.3 million) up from HK$235.3 million a year earlier, the group said in a filing with the Hong Kong Stock Exchange. Adjusted EBITDA was HK$51.8 million, as compared to a loss of HK$10.1 million in Q1 2017.

Total GGR from the gaming operations at Casino Kam Pek Paradise rose almost 29 percent to  HK$354.4 million, while Casino Waldo posted a 3.3 percent decrease to HK$113.3 million.

Reported revenue from electronic gaming equipment and systems in Q1 2018 was HK$50.8 million, representing an increase of 170.2 percent from the same period a year earlier.

Adjusted EBITDA from casinos under the group’s management was HK$44.8 million up from HK$2.5 million in Q1 2017. Adjusted EBITDA from electronic gaming equipment and systems was HK$13.8 million, as compared to a loss of HK$4.5 million a year earlier.