Supplier News
China – Macau slump causes trouble in Paradise
By Phil - 30 August 2016
The cost of patents saw losses for Paradise Entertainment reach HK$410.5m for the first six months of the year, down from HK$11.9m for the same period in 2015, marking a 33 per cent increase in losses.
The casino service and equipment supplier said the losses were due to a ‘one-off loss on disposal of patents and patent applications’ worth over HK$334m, ‘resulting from the grant of exclusive rights to IGT involving assignment of certain patents and associated technology.”
Revenue was also down during the period slumping by nine per cent to HK$519.8, which it blamed on the Macau economy.
“The Group is awaiting the Macau government to promulgate more effective supportive policies in order to revitalise the economy of Macau,” it said.
Casino services contributed 77.5 per cent of the group’s total revenue for the period with the rest coming from the supply of its Live Multi Game (LMG) terminals.
Highlights for the period including the installation of 70 LMG terminals to the Casino Diamond in the Holiday Inn Macau, as well as 50 LMG terminals to the Flamingo Slot Club, located at Macau Fisherman’s Wharf. It said these installs ‘serve as a vote of confidence’ in the terminals’ ‘ability to drive performance for casino operators, further demonstrate the growing popularity and acceptance of LMG terminals for both casino operators and players.’
The group also installed 108 Live Multi-Game terminals at the new gaming floor of Casino StarWorld Macau, a five-star hotel in the heart of Macau Peninsular dynamic entertainment district, which is owned and managed by Galaxy Entertainment.
Jay Chun, Chairman and Managing Director of Paradise Entertainment said: “Over the past several years, our Live ETG product has dominated the Macau market as we offer casino operators solutions to improve efficiency and productivity. We are confident that the deployment of our newest Live ETG terminals at Casino StarWorld Macau will continue to value add to the gaming industry. “Our Live ETG terminals collectively forming the live e-Gaming stadium also feature the largest infotainment screen in Macau. The “Golden Touch” experience is another example of how we work closely with our partners to bring the best gaming experience to the players. We look forward to bringing more highly competitive gaming solutions to casinos in the Macau as well as in the other parts of the world.”
