Paradise Entertainment release H1 2020 results
Paradise Entertainment Limited experienced a loss of HKD111.3m ($14.5m) for H1 2020 ending on 30 June, a decline from a profit of HKD23.7m reported in 2019.
The Group’s revenue was KHD177.3m, almost a 70% fall from HKD591.9m in H1 2019. The majority of group’s revenue came from the provision of casino management services (HKD165.8m). The cost of sales and services was HKD183.7m compared to HKD321.9m year-on-year. Total assets and liabilities were HKD626.7m, with capital and reserve at HKD488.9m.
The group managed two casinos: Kam Pek Paradise and Waldo. H1 revenue from Kam Pek Paradise was HKD142.6m, compared to HKD347m year-on-year. Waldo’s revenue was reported to be HKD23.3m, a drop from HKD152.2m in 2019. GGR from Kam Pek Paradise was HKD262.4m, a 59% decrease from HKD636.5m in 2019, while Casino Waldo generated HKD43.4m in GGR for H1, compared to HKD267.4m the last year.
The group said the losses were negatively impacted by the COVID-19 virus and “the subsequent quarantine measures as well as travel restrictions imposed by jurisdictions including Macau and Hong Kong”, directly and indirectly affecting the operations.
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