Paradise net loss balloons to $53.7M in H1

Disposal of patents and patent applications has dampen gaming technology provider Paradise Entertainment Limited’s revenues, resulting to a more than 33-fold net loss for the first six months of the year.

From a HK$ 23.9 million (US$ 3.08 million) losses in January to June period last year, the HongKong-listed firm saw its losses surge to HK$410.5 million (US$53.7 million) in the first half of 2016.

Paradise attributed the losses to the one-off loss on its patents and patent applications deal with gaming systems company International Game Technology Plc (IGT), which cost them HK$334.8 million (US$ 43.16 million).

Except from table game intellectual property used exclusively in Macau, Paradise agreed to transfer all of its electronic table game to IGT in April. Over 77 percent of Paradise’s H1 revenues came from its group’s casino services segment.

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