Paradise Entertainment sees H1 revenue fall 30

Paradise Entertainment has reported H1 2022 total revenue of HK$181

Paradise Entertainment has reported H1 2022 summate revenue of HK$181.1m (US$23.1m), representing a 30% settle year-on-year.

The fellowship attributes this unsatisfying final result to a fall inwards revenue from the supplying of gambling casino direction services inward Macau, as intimately as a duck inwards sales and leasing of electronic gaming equipment and systems in the region.

However, the revenue red ink was partially offset by improved revenue carrying into action inward the sales event and leasing of gaming equipment and systems inward overseas markets.

Adjusted EBITDA for the stop amounted to a HK$64.4m loss, compared to a HK$5.1m profit inward the previous year.

Gross turn a profit totalled HK$20.26m, significantly to a lesser extent than the previous year’s tot up of HK$111m. Of this loss, HK$87.9m is attributable to the company.

The fellowship outlined the continued negatively charged impact of Covid-19 restrictions, noting: “The outbreak of a respiratory unwellness caused by a novel coronavirus since early 2020 continues to hold disconfirming impacts on the business concern environment and the trading operations of the group.

“As such, the financial positions and performance of the aggroup were unnatural inward different aspects, including an untoward impact on the revenue and the acknowledgement of losses from both the casino direction services section and the gaming systems section for the half dozen months ended 30 June 2022.”

However, despite the poor financial results, Paradise Entertainment directors maintained that they are confident that the companionship has “adequate resources to uphold inward in operation(p) existence for the foreseeable future.”

Finally, the troupe highlighted concerns over the existing grant take between the Macau Government and SJM Holdings, due to expire on 31 December. If this contract is not renewed or further extended, Paradise would be inwards line to turn a loss its principal sum germ of revenue.