Chun Named Paradise Entertainment Co-Chair

Jay Chun, chairman of Paradise Entertainment Ltd., will now serve as co-chairman of the firm along with Zhang Jianjun, reportedly an investment banking and asset manager.

Chun Named Paradise Entertainment Co-Chair

Macau-based gaming equipment supplier and casino services firm Paradise Entertainment Ltd. now has two co-chairmen, the company announced in a recent filing to the Hong Kong Stock Exchange.

According to GGRAsia, founding chairman Jay Chun will now serve as a co-chair and will focus on “leading the implementation of the operations of the group.” Chun will remain as the firm’s managing director and executive director.

His appointed co-chair and executive director is Zhang Jianjun, who reportedly has 25 years of experience in investment banking and asset restructuring and management.

An announcement from Paradise Entertainment said Zhang has “accumulated extensive and solid operational and management experience in various business fields which will help promote the group’s businesses as well as identify and explore business opportunities to achieve new breakthroughs of the group.”

He was previously managing director of the investment banking department of the Beijing branch at Haitong Securities Co. Ltd., according to the announcement.

Last August, Paradise Entertainment’s half-year losses had quadrupled year-on-year to HKD87.9 million (US$11.25 million), compared to a loss of just under HKD20.8 million (US$2.662 million) in the first six months of 2021.

The firm supplies casino equipment under the LT Game brand. It also has a service agreement for a satellite gaming hall at Macau’s Casino Kam Pek Paradise, operating under the SJM Holdings license. Last month, it was announced that Casino Kam Pek, which runs slot machines and electronic table games, would continue as a satellite casino under SJM Holdings’ new concession, which began on January 1.