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.
Exterior architectural rendering of Dreamworld Poipet (Photo: Business Wire)
- 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.