Macau-based gaming services firm Paradise Entertainment’s profit for the financial year ended 31 December 2024 has more than doubled compared to the previous year. The company reported a profit of HK$381.9 million (US$47.4 million) for FY24, up 527 percent from HK$60.9 million registered a year earlier.
As per information filed with the Hong Kong Stock Exchange (HKEX), revenue for FY24 reached HK$1.08 billion, marking a 71.0 percent increase from the previous year. This growth in revenue is largely attributed to the expanding footprint of their flagship products, the Live Multi-Game (LMG) terminals, as well as greater volumes at Casino Kam Pek Paradise where the company provides management services under the licence of SJM.
On the back of LMG terminals
According to the company, Casino Kam Pek Paradise’s improved performance was “driven by the popularity in and strong performance of LMG machines offered in and the number of patrons to the casino. LMG terminals have gained considerable popularity among gaming operators, particularly in light of rising operational and labor costs.”
For the financial year, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was HK$453.0 million. This marks a staggering 239 percent increase from the previous year. Meanwhile, adjusted EBITDA from Casino Kam Pek Paradise was HK$310.4 million, up 90.7 percent from previous year. Registered adjusted EBITDA for the year from its electronic gaming equipment and systems segment, was HK$156.4 million. This marked a reversal from a loss of HK$14.8 million in FY23.
The total gross gaming revenue (GGR) at Casino Kam Pek Paradise for FY24 reached HK$1.26 billion. Of this, HK$806.6 million came from LMG terminals, demonstrating their increasing dominance in the gaming landscape. Compared to the LMG terminals, GGR from traditional table games was HK$454.5 million and HK$52.0 million from slot machines.
New version of the LMG systems
Looking ahead, Paradise said, “As the sole provider of LMG systems and terminals in Macau, the Group leverages its strong industry reputation and leading position to drive innovation. We are committed to continually enhancing our advanced LMG systems to earn the trust of a diverse customer base in Macau and beyond.
“In light of the recent policy adjustments within the Macau gaming industry and evolving customer needs, the launch of our new version of the LMG systems presents an attractive solution for casino operators, offering improved cost-effectiveness and operational efficiencies. We are confident in our ability to capitalize on the ongoing transformation and robust growth of the gaming industry.”
In January, the company ventured into European markets through a new partnership with Swedish company Tangiamo Touch Technology AB, which specialises in Electronic Table Games (ETG) and visual identification software. The partnership, facilitated by Paradise Entertainment’s LT Game subsidiary, establishes a mutual distribution network. As per the deal, Tangiamo will distribute Paradise’s gaming products across Europe, whilst the Hong Kong-listed Paradise Entertainment will manage Tangiamo’s offerings throughout Asian gaming markets.
