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Entertainment Gaming Asia's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: EGT

Now, the agenda for today’s call will be as follows; first, Clarence will discuss the highlights of our second quarter 2012 financial performance and recent corporate developments. Following that, Andy will review in more detail of the financial results for the fourth quarter. Clarence will then conclude our prepared remarks with an update on our plans for our gaming operations. We would then be very pleased to take your questions.

With that, please let me turn the call over to Clarence Chung. Clarence?

Clarence Chung

Thank you Traci and good morning everyone. It has been an eventful quarter for the company with strong improvement in the financial performance for our established businesses and the beginning of our new casino operations. Let me share with you some of the highlights. We posted record quarterly gaming revenue. We achieved strong improvement in gaming chips and plague sales and secured a sizable new order. We opened our first Dreamworld development property in May. We began active development of our second Dreamworld projects and we achieved all these while maintaining a healthy cash positions and paying down tax.

Total revenues was $7.6 million, up 13% from the second quarter of 2011 driven both of our gaming and other products business divisions. Gaming revenue was $5.2 million up 14% from the second quarter of 2011. Gaming revenue was driven by strong performance for our total operations, formally refers to as our participation business, as well as incremental revenues from our newly opened Casino, Dreamworld Pailin.

The average net win for our strong operations was $147 with strong performance in Cambodia and the Philippines. In Cambodia our operations in NagaWorld post impressive net wins of $258 for the quarter. As we benefit from our proactive machine management and target marketing initiatives.

Cambodia slot revenues also benefit from our new operations at Thansur Bokor which officially opened May 3, 2012. This flagship property of leading Cambodian Hotelia Sokha Hotel and resort is located in a tourist area of Southern Cambodia.

Sokha is still completing certain aspect of the resort such as the VIP gaming areas and the entertainment complex. We believe that these slot operations will be a meaningful contributor to earnings. Once the facility is fully operational and Sokha has implemented it’s broader marketing programs.

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