Paradise Entertainment Limited has posted its latest financial results in an official press release. The financial results cover the first half of 2018 and they come at a time when the majority of operators are holding earnings calls and revealing their figures for the first six months of the year.
Paradise Entertainment Limited – The Figures
Over the first six months of the year, Paradise Entertainment Limited (PEL) posted $71.8 million in revenue. The results were up 15.2% year-on-year, marking a rather auspicious first-half for the operator as a whole.
Based in Hong Kong, the company had a decent spell with its electronic gaming equipment and systems. Apart from running its own casino, PEL is also a developer of cutting-edge technology and products employed across gaming venues. The revenue from the segment saw the staggering 102.6% year-on-year increase.
The demand for newer gaming solutions and options has paid off handsomely, allowing the company to benefit from unprecedented growth. The company managed to carry out a number of successful deals over the period. It deployed nearly 220 Live Multi-Game Terminals, allowing users an unprecedented quality of the gaming experience.
In addition, the company has already provided the majority of Macau’s Multi-Game Terminals with 5,000 units already up and running, making it the undisputed house name in the Macau gaming industry. The company specifically catered to X-Stadium and MGM Cotai at the beginning of the year.
Casino Revenue Also Goes Up
Casino revenue also performed well over the period with the company proving that it’s adept not only at putting high-end gaming products but also running the venues where such gaming treats are on offer. The revenue grew 10.1% to $65 million with EBITDA finishing at $7.6 million – not a shabby figure at all. Sifting through the numbers, net profit hit $3.4 million, bouncing off $4.5 million net loss in the previous 6-month period.
According to Chairman Jay Chun, the casino has been bolstering its efforts significantly, targeting Macau as its premier market. Chun did mention that the company will have to take care of the Dealer-Operated Electronic Table Games (DETG) agreements, but also noted that these matters will be settled ahead of the 2019 deadlines.
PEL is not a behemoth seeking to just grab industry share either at the expense of others. It has recently signed with Interblock, a company specializing in gaming devices with PEL agreeing to help Interblock sell its products in Macau as long as it didn’t concern live multi-gaming machines. PEL has said that it will seek to endorse Interblock and help them gain a purchase on the market.
Macau is a vibrant market which has seen a great development in its operations over the years. The gaming industry is represented in the region strongly with casinos operating at full roar. Not only that, but Macau is well on its way to outstrip Qatar as the richest jurisdiction on the planet by 2020, an achievement that will only reaffirm the strength of local and international business.
It’s not surprising that Macau’s companies and casinos will be posting strong results.