Paradise Entertainment reports 70% decline in revenue for FY2020

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Paradise Entertainment reports 70% decline in revenue for FY2020

Paradise Entertainment Ltd has posted revenue of HK$351.7m (US$45.3m) for full year 2020, a 70% decline from the prior-year period.

The Macau gaming services company ended the year with HK$192.1m in net losses, compared to a profit of HK$10.6m for the year ended 31 December 2019.

Adjusted EBITDA meanwhile for FY2020 was a loss of HK$101.1m, compared to the adjusted EBITDA of HK$87m for the prior-year period.

“2020 has been an exceptionally challenging and difficult time for all business sectors, and the gaming industry was not an exception, as Covid-19 has impacted every sphere of life and has upended all economies including Macau, Hong Kong and nearby regions as well as the global economy, with travel, tourism, retail and gaming being some of the worst-hit industries,” said Paradise Entertainment chairman and managing director Jay Chun.

Casino Kam Pek Paradise, the one casino still under the group’s management, posted FY2020 revenue of HK$556.6m, a 56% decrease from FY2019. Gaming tables revenue represented the majority of the total at HK$532.1m, with slot machines revenue reaching HK$24.5m.

“We trust technology and innovation would be the key to driving future growth despite the pandemic,” added Chun. “The group shall continue to focus on optimising table productivity in the casino under our management by applying cutting-edge gaming technology that has enabled our GGR per table per day in the mass market to rival the tables in other casinos in Macau.”