Casino Development Plans
The Company continues to make progress in the development of its Dreamworld Casino Pailin and Dreamworld Casino Kampot projects. The Pailin project is located in the Pailin Province of Cambodia near the Thailand border. The initial phase of the casino is intended to include up to 23 table games and 40 EGM seats. The Company commenced construction in December 2011 and the building structure is now nearly complete. The Company will start the fit-out work of the casino shortly and has already begun hiring and training the casino staff. Based on the swift pace of development, the Company has scheduled the grand opening of Dreamworld Casino Pailin for May 9, 2012.
The Kampot project is located in the Kampot Province of Cambodia near the Vietnam border. The initial phase of the casino is intended to include up to 14 table games and 25 EGM seats. The Company has completed the landfill process and held the groundbreaking ceremony. The Company plans to commence construction in March 2012. Based on the current project timeline, Dreamworld Casino Kampot is expected to open in the third quarter of 2012.
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, concluded, “Our vision to expand our gaming operations to become an owner and operator of casinos in the Indo-China region is soon to become a reality. The upcoming opening of our first two casino projects in Cambodia marks a new chapter in our growth strategy and serves to deepen our footprint and demonstrate our operational expertise in our markets. We are excited about the future and view these projects as the initial steps toward achieving our long-term goal of becoming a leading owner and operator of regional style casinos in the emerging gaming markets of Indo-China.”Entertainment Gaming Asia is hosting a conference call and simultaneous webcast at 8:30 a.m. ET today, March 8, 2012, both of which are open to the general public. The conference call number is 800/920-5548 or 212/231-2914. Questions and answers will be reserved for call-in analysts and investors. Interested parties may also access the live call on the Internet at www.EGT-Group.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the call can be accessed for thirty days on the Internet at www.EGT-Group.com About Entertainment Gaming Asia Inc. Entertainment Gaming Asia Inc. (NYSE Amex: EGT) is a leading provider of electronic gaming machines on a participation basis to the Pan-Asian gaming industry. The Company secures long-term contracts to provide electronic gaming machines and related systems to premier hotels and other well-located gaming venues in Asia. The Company retains ownership of the gaming machines and systems and receives recurring daily or monthly fees based on an agreed upon percentage of the net gaming win per machine and provides on-site maintenance. Entertainment Gaming Asia Inc. is also engaged in the development of casinos in the Indo-China region where it intends to own and operate casino resorts under the “Dreamworld” brand. For more information please visit www.EGT-Group.com. Forward Looking Statements This press release contains forward-looking statements concerning Entertainment Gaming Asia within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include statements regarding expectations for the expansion of the Company’s participation business model, the timeline and working capital requirements for the Sokha, Pailin and Kampot casino projects, the near-term earnings of the Sokha, Pailin and Kampot casino projects, growth of the gaming industry in the Indo-China region, the Company’s ability to secure new casino projects and fund those projects and the prospects for the expanded customer base for the Company’s Dolphin gaming chips and plaques. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks related to Entertainment Gaming Asia’s ability to place gaming machines at significant levels and generate the expected amount of net win from the gaming machines placed, obtain the gaming license and building permits for the casino projects on a timely basis or at all, complete construction and development of the casino projects on budget and in a timely manner, identify and successfully develop additional casino projects in the Indo-China region, acquire additional capital as and when needed, adverse weather conditions that cause delays to casino projects timelines, obtain and fulfill significant purchase orders from the new customers for the Company’s gaming chips and plaques and those other risks set forth in Entertainment Gaming Asia’s annual report on Form 10-K for the year ended December 31, 2010 filed with the SEC on March 30, 2011 and subsequently filed quarterly reports on Form 10-Q. Entertainment Gaming Asia cautions readers not to place undue reliance on any forward-looking statements. Entertainment Gaming Asia does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV