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China – Paradise pulls the plug on its involvement in Casino Waldo

By - 27 March 2020

Paradise Entertainment won’t be providing casino management services for Casino Waldo in Macau due to spiralling costs and the effect of COVID-19 on revenues.

It will continue to offer management services for Casino Kam Pek Paradise ‘to maximise the return from the provision of casino management service in this casino to the Group.’

Paradise said: “Considering the recent requirement to invest further for additional monitoring systems and equipment to Casino Waldo to comply with new regulatory requirements, which we considered might be not recovered before the end of the existing gaming concession, the relative high operating costs of the casino, and also the adverse impact from the recent outbreak of a respiratory illness, following the expiration of the related service contract on 29 February 2020, the Group decided to cease providing casino management services in Casino Waldo since 1 March 2020 and did not request for renewal or extension of the service contract.”

GGR increased 8.7 per cent at Casino Waldo in 2019 by Adjusted EBITDA was a negative HK$27.5m. GGR at Casino Kam Pek Paradise fell by 11.2 per cent to HK$692.7m but EBITDA came in at HK$141.5m.

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