Paradise Entertainment Ltd (1180) has announced its audited annual results for 2020, reporting a year-on-year drop of 70.2% in revenues, which stood at HK$352 million in 2020. The company recorded a negative adjusted EBITDA of HK$101 million in the past financial year while it saw a positive adjusted EBITDA of HK$926 thousand in 2019. It made a loss of HK$189 million in 2020. No dividends will be paid for the past financial year.
Gross gaming revenues from Casino Kam Pek, which is owned by the company, decreased by 56.2% year-on-year to HK$556.6 million. Live-multi game (LMG) machines outperformed traditional gaming tables in terms of revenue generation during the pandemic period. Revenues from LMG machines accounted for 54.7% of total gaming revenues of the casino in 2020.
The company sold 20 LMG terminals and provided upgrading services to 438 LMG terminals in Macau, and sold 23 slot machines overseas in the past year.
Paradise Entertainment’s Chairman and Managing Director, Jay Chun, noted that technology and innovation would be the key to driving future growth despite the pandemic. The company is planning to launch new slot machines in the Macau market – the Jackpot Series. The first two games of the series approved in Macau, namely “Jackpot Tornado” and “Jackpot Bonus”, have already achieved good results in the North American markets.
The company said it would continue to innovate and create more top-notch gaming products that are primarily catered for the mass market.