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Express News | Corrected-Paradise Entertainment Sees Increase of HK$153.5 Mln in Group's Revenue for Year From Provision of Casino Management Services in Macau (Adds Dropped Words)
PARADISE ENT (01180.HK): Expected annual profit to significantly increase to 0.3819 billion Hong Kong dollars year-on-year.
On March 5, Glonghui announced that PARADISE ENT (01180.HK) expects to record a profit of 0.3819 billion HKD for the fiscal year ending December 31, 2024, compared to 60.9 million HKD in the previous period. The increase in profit during the reporting period is mainly attributed to (i) the rising popularity of live mixed gaming machines set up in the Golden Casino (managed by the group in Macau), along with an increasing number of customers at the casino, which has driven the increase of Gambling revenue generated by the Golden Casino, resulting in an increase of 0.1535 billion HKD or 27.2 in revenue from the management services of Macau casinos.
Express News | Paradise Entertainment Sees Profit of HK$381.9 Mln for Year
Paradise Entertainment Limited's (HKG:1180) 29% Share Price Surge Not Quite Adding Up
Major banks rating | Goldman Sachs: Holds a positive view on the Macau Gambling Industry, with a more favorable outlook for the 2025 fiscal year.
Goldman Sachs released a research report indicating that the stock prices of the Macau gaming industry fell by an average of 7% over the past month, similar to the performance of other travel industry shares, with Sands China experiencing the largest decline, which totaled 15%. This is also consistent with Sands' weaker market share performance compared to expectations in December last year.
Hong Kong stock movement | Most Macau Casino stocks have rebounded, MGM CHINA (02282) has risen over 4%, Thai cabinet approves gambling legalization.
Most Macau Casino stocks are rebounding. As of the time of writing, MGM CHINA (02282) rose by 4.17%, reporting HKD 10.48; PARADISE ENT (01180) increased by 3.57%, reporting HKD 0.87; WYNN MACAU (01128) saw a rise of 2.24%, reporting HKD 5.48.
