Gaming services provider Paradise Entertainment reported that the group’s revenue for 2023 increased 113 per cent year-on-year to HKD634.3 million (MOP653.3 million/US$81 million), compared to HKD297.8 million recorded in 2022.
According to a stock filing to Hong Kong’s exchange on Tuesday, the growth in revenue is due to an increase in revenue from the provision of casino management services in Macau, the sale of electronic gaming equipment and systems in Macau, and new renewable energy solutions business.
Revenue attributable to the group’s flagship casino, Kam Pek Paradise, amounted to HKD564.8 million for 2023, representing a surge of 111.6 per cent compared to HKD266.9 million in 2022.
Meanwhile, sales and leasing associated with electronic gaming equipment and systems in Macau generated HKD56.8 million in revenue, reflecting an increase of 667.6 per cent from HKD7.4 million in 2022.
The group’s adjusted EBITDA for the year ending December 2023 was HKD133.6 million, reversing the loss of HKD109.0 million in 2022.
The adjusted EBITDA for Casino Kam Pek Paradise in Macau stood at HKD162.8 million in 2023, compared to a loss of HKD38 million in 2022.
Paradise Entertainment said that the turnaround was mainly due to an increase in gross gaming revenue generated by the casino, driven by a rise in the number of patrons after the resumption of cross-border travel.
The company expressed confidence in the future of the city’s gaming business, citing the strong recovery of the local gaming market.
In addition to the Macau gaming market, the group is expanding business about electronic gaming equipment and systems in Southeast Asia and North America.
To diversify its business and sources of income, the group has also ventured into supplying smart charging stations and related equipment for electric motorcycles, bicycles, and vehicles to customers in mainland China.
