Paradise Entertainment posts 36 pct decline in 2014 profit

Hong Kong-listed gaming equipment maker Paradise Entertainment Ltd. said its profit for 2014 dropped by nearly 36 per cent year-on-year to HK$66.54 million (US$8.58 million) in a period where the firm said it was operating in a ‘challenging working environment’ with a lack of new casino openings.
‘Reasons for the reduced profit were the full year impact of Waldo Casino which was loss-making, the initial overheads of Casino Macau Jockey Club, as well as the higher amortisation from the acquisition of patent and patent applications in the U.S. completed in June 2013,’ Paradise Entertainment said of its profit decline in its annual results filing.
Paradise Entertainment’s subsidiary LT (Macau) Ltd. started to provide services including ‘sales, marketing, promotion, player development and referral’ to Waldo Casino (licensed under Galaxy Entertainment Group) on the Macau Peninsula last year. The Hong Kong-listed firm has also started provision of the said gaming services to Casino Macau Jockey Club (licensed under Sociedade de Jogos de Macau S.A.) last year while offering the venue live multi-game terminals, e-baccarat tables and slot machines.
In the filing, Paradise Entertainment said it is opening slot halls in Waldo Casino and Casino Macau Jockey Club this year, following the installation of 172 extra slot machines in Waldo Casino in December and 84 slots in Casino Macau Jockey Club.
Paradise Entertainment’s revenue for 2014 rose by 15.7 per cent year-on-year to HK$1.19 billion, where the increase is mainly attributable to Casino Kam Pek Paradise, which grew by 16 per cent, the firm said.
S.L.