Macau-based casino operator and electronic gaming machine manufacturer Paradise Entertainment Limited has entered into an agreement to purchase six units of warehouse space on the Macau Peninsula for a total consideration of HK$128.5 million.
In a filing to the Hong Kong Stock Exchange, the company said it currently leases warehouse space for the storage of its electronic gaming machines, equipment and spare parts but that the acquisition of the purchased space would reduce ongoing rental payments for inventory storage.
Paradise is best known for the manufacture and supply of Live Multi-Game terminals throughout Macau as well as providing casino management services at two casinos – Kam Pek and Waldo.
Under the terms of the agreement, Paradise has paid an initial HK$2 million deposit for the 33,000 square feet of warehouse space with an additional HK$10.85 million deposit to be paid by 25 June 2018. The remaining HK$115.65 million will be paid upon completion of the acquisition.
In April, Paradise announced that it was off to a strong start in 2018 with 364 new Live Multi Game (LMG) terminals deployed to Macau’s casinos – almost five times the number of terminals it deployed through all of 2017. They included 217 terminals for the grand opening of MGM Cotai, 97 terminals at Casino Waldo and 50 at Casino L’Arc.
