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Hong Kong – Jay Chun looks to increase share in Paradise

By - 15 April 2019

Macau’s Paradise Entertainment Chairman and Managing Director Jay Chun is looking to increase his shareholding in the company with a proposed repurchase mandate.

Paradise will ask its shareholders to allow the company’s directors to purchase up to 105,218,531 of its shares on the market, equating to around 10 per cent of current issued share capital.

Mr. Chun’s company August Profit Investments currently holds 59.96 per cent of issued share capital but wants to increase this to 66.63 per cent. As well as the LMG business, Paradise operates two casinos in Casino Kam Pek Paradise and Casino Waldo.

Paradise recently announced that its full year Adjusted EBITDA increased by 429 per cent to HK$120.7m in 2018.

Mr. Chun said: “Despite uncertainty in the global economic environment and intensified competition in the Macau gaming industry, we managed to turn last years’ bottomline losses into a profit in 2018. Our two casinos under management continued to be the synergistic bond between our two principal business segments – the casino management services segment and the gaming equipment and systems segment. In 2018, gross gaming revenue derived from the casinos under our casino management services segment increased by 9.8 per cent year-on-year whereas the total revenue for our gaming equipment and systems segment increased by 156.7 per cent year-on-year.

“Casino Kam Pek Paradise has gained increasing popularity among mass gaming patrons. The abundance of LMG machines in the casino offers a more affordable way of gaming for mass market visitors who might not have otherwise been able to experience in other casinos’ traditional tables. Sales of other complementary LMG products such as the X-Stadium Live were also boosted. Moreover, the Group has recently developed new ETG machines and slot machines. Some of these machines have already undergone the final testing stage and will soon debut in the market. The successful launch of a wider range of products fuelled the Group to become a diversified, internationally-recognised gaming equipment and systems provider.”
Mr. Chun is cautiously optimistic in the Macau gaming industry. Macau’s total GGR increased by 14 per cent year-on-year in 2018.

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