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Public company info - Paradise Entertainment Ltd. , 01180.HK
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Paradise Entertainment Ltd., 01180.HK - Company Profile
Chairman CHUN Jay
Share Issued (share) 1,052,000,000
Par Currency Hong Kong Dollar
Par Value 0.001
Industry Gamble
Corporate Profile Business Summary: The principal activities of the Group are provision of casino management services, and development, sale and leasing of electronic gaming equipment and systems. Performance for the year: Total reported revenue of the Group for the year ended 31 December 2020 was HK$351.7 million, representing a decrease of 70.2% over that of HK$1,181.8 million for the year ended 31 December 2019. The Group recorded a loss of HK$192.1 million for the year ended 31 December 2020, as compared to a profit of HK$10.6 million for the year ended 31 December 2019. Business Review 2020 is undoubtedly an extraordinary year. Since the outbreak of Covid-19 in early 2020, the pandemic has hit hard on the economies of Macau, Hong Kong and nearby regions as well as the global economy. This unprecedent pandemic has created worldwide global health crises and severely undermined the customers’ confidence and patterns on purchase on many vulnerable businesses including gaming. As part of the measures to contain the spread of Covid-19 in Macau, the Macau government announced the suspension of operations of all casinos in Macau for at least 15 days from 5 February 2020. Operations in Casino Kam Pek Paradise were suspended on 5 February 2020 and resumed on 20 February 2020 while operations in Casino Waldo were suspended on 5 February 2020 and resumed on 24 February 2020. Moreover, the Macau government has adopted a series of restrictions and quarantine requirement policies to prohibit or significantly reduce non-local citizens from entering into Macau. According to the statistical information published by DICJ, Macau’s total GGR for the year ended 31 December 2020 declined by 79.3% from MOP292.4 billion to MOP60.4 billion when compared to the year ended 31 December 2019. Arrivals in Macau tumbled 85.0% from about 39.4 million for the year ended 31 December 2019 to 5.9 million for the year ended 31 December 2020, leaving casinos in Macau devoid of customers. It is reasonable to expect that the social and economic activities would not be able to resume to normal within a short period of time, and the requisite time for the full economic recovery of Macau and the world would remain to be seen. The contract for the Group’s provision of casino management services in Casino Waldo expired on 29 February 2020. Having considered a number of factors thoroughly, in particular, (i) the capital injection requirement on additional monitoring system and equipment to Casino Waldo for the compliance of the new regulatory requirements which would not be recovered before the end of the existing gaming concession according to The Group’s analysis; (ii) the relatively high operating costs of the casino; and (iii) also the adverse impact from the outbreak of Covid-19, the Group ultimately decided not to request for renewal or extension of the contract. Accordingly, The Group’s provision of casino management services in Casino Waldo terminated since 1 March 2020. During the year under review, the Group has undertaken a detailed review to identify its strengths in facing this pandemic and explored other businesses in this connection for such attainments. During the extraordinary time, for instance, the Group has made use of its extensive network in the PRC to provide procurement services for overseas customers which has made positive contribution to the Group’s results for the year. Prospects: 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. The pandemic has brought not only the regional, but global travel and tourism industry almost to a standstill. Gaming markets in Macau and other major jurisdictions have been significantly disrupted as a result of Covid-19. Nevertheless, the year of 2020 was a remarkable year for The Group’s electronic gaming equipment and systems segment in terms of deployment of new slot machines. Recently, The Group’s new ‘‘Jackpot Series’’ has just been approved for the Macau market, which contains a group of slot games that are straight-forward, simple and perfectly suited for high denomination areas with non-progressive, standalone progress and linked progressive options. The first two games of the series approved in Macau, namely ‘‘Jackpot Tornado’’ and ‘‘Jackpot Bonus’’, have received encouraging results in the North American markets and other games in the series are due out soon. The Group’s another brand-new slot game, namely, ‘‘TEKKEN’’ series has also hit the market. Being a famous Japanese media franchise, TEKKEN centered on a series of fighting video and arcade games, which have been very popular with players over decades. The Group is dedicated to continuous innovation in the gaming equipment industry using top-notch and innovative technology to create more good gaming products that are primarily catered for mass market. The Group trust technology and innovation would be the key to driving future growth despite the pandemic. The Group shall continue to focus on optimising table productivity in the casino under The Group’s management by applying cutting-edge gaming technology that has enabled The Group’s GGR per table per day in the mass market to rival the tables in other casinos in Macau. The Group will follow The Group’s unique business model to embracing more synergies of The Group’s two business segments which is complement to the development of The Group’s high-tech products. In recent years, the Group has also increased its investment on research and development for the attainments of innovation and breakthrough in design and applications of AI and other high-tech products with a view to fulfilling customers’ needs with professional solutions on high-tech products in areas of education, sports and living, etc. These high-tech products will generate fresh revenue streams for the Group in the years ahead and The Group believe that high-tech and gaming industry will merge more closely in future. Looking ahead, the Group will never rest on its laurels but will continue to acquire top talents and increase its investment in high-tech and avant-garde gaming products, aiming to explore more opportunities in the gaming technology space and expand its market share in global gaming industry. Nevertheless, The Group are cautious due to a range of geo-political and economic challenges and the Covid19 pandemic which may impact consumer confidence in 2021. The Group remain confident in the longer-term outlook for Macau in general and believe that the Greater Bay Area integration plan will further facilitate the flow of people, logistics and capital within Macau, Hong Kong and the other cities of the Greater Bay Area and also other parts of the PRC. The Group will continue to support and leverage on the Greater Bay Area integration plan. The Group remains cautiously optimistic and will strive to identify new business opportunities in Macau and overseas markets and maximise returns to the Shareholders.

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