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Macau Yongle Entertainment Co., Ltd. announced the launch of a new business segment engaged in the supply of smart charging stations and smart charging equipment for electric motorcycles, electric bicycles and cars in mainland China.
The new unit follows the appointment of Jianjun Zhang as the company’s executive director and co-chairman in December 2022, which Yongle said has “extensive work experience in industries that provide innovative or renewable energy solutions”.
In a filing on Friday, the company said it has been exploring new business opportunities and seeking to diversify the group’s business portfolio to expand its revenue streams and future profitability.
Paradise said: “In addition to the core gaming business, the group is ready to develop a diversified business portfolio and actively invest with suitable partners in industries that provide innovative or renewable energy solutions.”
“The Board believes that the demand for electric vehicles and related smart charging stations and smart charging equipment in Mainland China is likely to grow in view of the increasing promotion of the use of innovative or renewable energy sources and the reduction of carbon emissions.
“The board anticipates that the new business activities will enable the group to broaden its business portfolio, broaden its revenue base, diversify its revenue streams and potentially improve its financial performance.”
Paradise provides casino management services to Paradise Gambe Casino on the Macau peninsula, and develops, sells and leases electronic gaming equipment, including live multi-game terminals, to operators.
The company has previously reported Loss of $21 million in 2022.
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