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.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.