This story was published more than 4 years ago.
Macau casino group Paradise Entertainment Ltd has revealed their first quarter financial results, revealing that revenues were down 6.3% for the quarter.
For the quarter, gaming machine revenues were $36.8 million, down 6% from the same period in 2018. The company's EBITDA was a loss of $50,962, compared to a gain of $1.758 million last year. The drop was largely attributed to last year's installation of gaming machines at the MGM Cotai resort. No such opening happened this year, which accounted for some of the drop.
In addition to their gaming machines, Paradise runs two casinos in Macau with Kam Pek Paradise and Waldo. Those casinos saw some rises in terms of revenues, bringing in millions.
Moving forward, the company is looking to buy back some of their company shares from investors. If approved, the company's chairman would hold 66.63% of the group. He currently holds 59.96%.
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Comments
Quite big drop in the quarter for that company obviously although we probably shouldn't be too worried of a brand which holds a couple of casinos in the largest gambling resort in the world and having plans to buy back their own shares..obviously there's still some cash available there.