Slower sales of electronic gaming equipment saw Macau-based Paradise Entertainment Ltd suffer a 6.3% year-on-year decline in revenue and 39.4% fall in Adjusted EBITDA for the three months to 31 March 2019.
Paradise reported revenue of HK$288.9 million for the period, with just HK$30.6 million coming from EGMs compared with HK$50.8 million in the prior year period. As a result, segment Adjusted EBITDA fell from a profit of HK$13.8 million to a loss of HK$4.0 million.
Paradise had previously benefited from the installation of terminals at MGM Cotai ahead of its opening in the first quarter of 2018.
Revenue from the two casinos Paradise operates – Waldo and Kam Pek Paradise – climbed ever so slightly in 1Q19 to HK$258.3 million with Adjusted EBITDA at HK$42.3 million.
Waldo was the standout performer in terms of growth, where GGR climbed 18.8% to HK$131.6 million, while Kam Pek Paradise fell 5.5% to HK$334.9 million.