Now, the agenda for today’s call will be as follows: First, Clarence will discuss the highlights of our third quarter 2011 financial performance and corporate developments. Following that, Andy will review in more detail our financial results for the quarter. Clarence will then conclude our prepared remarks with an update on our growth plans for our gaming operations including the status of our existing casino project. We would then be pleased to take your questions.
With that, let me turn the call over to Clarence Chung. Clarence?
Thank you, Traci, and good morning everyone. I’m pleased to report that Entertainment Gaming Asia has reported another solid quarter of operating results with strong EGM participation revenues and consolidated average net win in our gaming participation operation and another quarter of positive GAAP earning.
With the healthy EBITDA run rate, we have maintained a solid cash positions while investing in our strategic growth plan and strengthening our balance sheet. Further, we remain focused in enhancing overall returns of our core existing operation and executing our casino development growth strategies within emerging gaming market in the Indo-China region.
Before we discuss an update of our casino growth trend, I’d like to take this opportunity to highlight some of our key financial results during the third quarter of 2011 and recent corporate development.
Total gaming participation revenues for the third quarter of 2011 was $4.4 million, this represent 7% growth from the same period last year. This growth was driven by consolidated average net win of $145 proceeds due primarily by our operations at NagaWorld, which achieved average net wins of $233 for the quarter. As a result of positive marketing to customers as well as machine mix improvement.
Adjusted EBITDA was $2.8 million for the third quarter, essentially in line with our current run rate of approximately $1 million for the month. We achieved another quarter of positive GAAP earnings with net income of $647,000. We have stronger flow from operations. We have maintained a cash possessions of approximately 14 million as of September 30, 2011, up from $10.2 million as of December 31, 2010, while we are using our debt and investing in our growth trend. While we are focused on our casino development plan, we also maintained committed to and hunting our key existing operation.