Jay Chun, chairman of Paradise Entertainment Ltd., stands for a photograph with Min, a prototype human-like electronic croupier, at the company’s headquarters in Macau
Paradise Entertainment Ltd, a casino equipment maker and gaming services provider listed on the Hong Kong Stock Exchange (HKEX), has warned in a statement to the HKEX that it expects to record a loss for the full year of 2015.
This information, dated from December 31, comes in compliance with the law and is based on the information from its unaudited accounts.
According to the same “Profit Warning Report,” the forecast losses are primarily attributed to “a decrease in gross gaming revenue of the group’s casino management business; and an increase in overall operating expenses, particularly labor costs.”
The group already posted a HKD23.9m
net loss for the first half of the year according to a report from the website GGR Asia on August 31.
The company added in the “Profit Warning” that despite the expected loss for the year 2015, “the group remains confident in its business strategies” and will “optimize its cost structure to remain lean in the current weak operating environment in Macau.”
The confidence expressed in the report is mostly centered around the company’s plan to “ramp up its overseas gaming system market with machine installations in 2016.”
Paradise Entertainment also provides gaming management services at four Macau gaming venues, including: Casino Kam Pek Paradise; Casino Macau Jockey Club (SJM Holdings Ltd-licensed); Casino Waldo (Galaxy Entertainment Group Ltd-licensed); and an electronic gaming hall at Casino Lisboa.
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