A Change of Guard

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Wednesday, 8 August 2012

Entertainment Gaming Asia Reports Second Quarter 2012 Results and Provides Market Update - Company Achieves Record Quarterly Gaming Revenue -

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 press release
Aug. 7, 2012,

HONG KONG, Aug 07, 2012 (BUSINESS WIRE) -- --- Gaming Chip and Plaque Operations Post Solid Revenue Growth and Secure a $2 Million New Order - 
--- Development of Dreamworld Poipet in Cambodia is Underway -
Entertainment Gaming Asia Inc. (nyse mkt:EGT) ("Entertainment Gaming Asia" or "the Company"), a leading gaming company focused on emerging gaming markets in Pan-Asia, today reported operating results for the second quarter ended June 30, 2012 and reviewed recent corporate progress.
Highlights:
-- Record quarterly total revenue from gaming operations of $5.2 million for the second quarter of 2012
-- Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges) of $2.8 million for the second quarter of 2012
-- Net income of $484,000 for the second quarter of 2012

-- Average consolidated win per unit per day (WUD) for the slot operations (formerly referred to as the participation business) of $147 for the second quarter of 2012
-- Gaming chip and plaque sales of $978,000 for the second quarter of 2012, representing nearly 50% of total gaming chip and plaque sales for the full year 2011
-- Cash balance of $11.8 million as of June 30, 2012
-- Total debt reduced to $3.1 million as of June 30, 2012
-- In May 2012, the Company opened the mass market floor of Dreamworld Pailin in Cambodia, its first casino development project. Operations are in the early ramp-up stages and results are not yet normalized.
-- Dreamworld Poipet in Cambodia is under development and expected to open in the first quarter of 2013.
-- The Company has secured a $2 million gaming chip and plaque order from an existing customer to be delivered in the third quarter of 2012.
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, "The second quarter of 2012 was a strong quarter for our slot and gaming chips and plaques operations. Our slot operations experienced record revenues due to strong performance at NagaWorld, improvements in the Philippines and the addition of our newest operations in Thansur Bokor during the quarter. Consolidated average daily net wins were a solid $147 per seat for the quarter. Our gaming chips and plaques business posted strong revenue growth and we have secured a $2 million order for delivery later this year. In May 2012, we opened the mass market floor of Dreamworld Pailin and are working to ramp up revenues for this operation. Further, we have been actively developing our next project, Dreamworld Poipet. With steady recurring cash flow from our slot machine operations and meaningful improvement in our casino chips and plaques business, we are now focused on the execution our new casino development strategy.
Q2 2012 Financial Review
The Company effected a 1:4 reverse stock split of its common shares on June 12, 2012. All historical share amounts and share information presented have been proportionally adjusted to reflect the impact of this reverse stock split, including basic and diluted weighted-average shares and shares issued and outstanding.
Entertainment Gaming Asia's second quarter of 2012 consolidated revenue was $7.6 million, an increase of 13% compared to $6.7 million in the second quarter of 2011. The increase was due to solid improvements in the Company's gaming operations and sales of gaming chips and plaques.
Revenue from gaming operations was $5.2 million in the second quarter of 2012, an increase of 14% compared to $4.6 million in the second quarter of 2011. The increase reflected gains from the Company's slot operations (formerly referred to as the participation business) in both Cambodia and the Philippines and approximately $213,000 of incremental revenue from Dreamworld Pailin, which opened in May 2012.
The Company achieved record performance of $5.0 million in revenue for its slot operations during the quarter driven by strong growth in both its Cambodia and Philippines operations. In Cambodia, the Company's performance was driven by strong average WUD from its operations in NagaWorld, which reached $258 for the quarter. Cambodia slot revenue also included incremental revenue from its operations at Thansur Bokor, which officially opened in May 2012; however, this operation created a drag on average Cambodia WUD as it is still ramping up. In the Philippines, the Company's operations continued to benefit from strategic management of its slot machine placements and marketing initiatives focused on its most promising venues in this market. Despite a reduced machine base primarily due to a venue closure during the quarter, both revenue and WUD for the Philippines operations improved during the quarter.

1 comment:

Anonymous said...

We should adopt a strick law to prevent all Khmer-Cambodian born (oversea Khmer) or Khmer descents to participe in all games in the casinos of the Kingdom.
Of course they have the right to visit, stay or spend money in the Hotel-Restaurant, but not in the game rooms.