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Entertainment Gaming Asia Reports Third Quarter 2012 Results And Provides Market Update

Stocks in this article: EGT

The Company recorded $4.1 million in revenue for its slot operations during the quarter, a decrease of 5% compared to $4.4 million in the third quarter of 2011. The decline was primarily a result of lower average net wins per machine for its operations in NagaWorld, which were $216 for the quarter compared to $233 in the prior year period. Based on its current information and improved performance for October 2012, we believe that the decline in the third quarter of 2012 net win from these operations was due to normal fluctuation. The decrease in gaming revenue for the third quarter of 2012 was partially offset by improvements in average net wins per machine and revenue sharing for the Company’s Philippine slot operations as well as incremental revenue contribution from its new slot operations at Thansur Bokor in Cambodia. The Company believes that its operations at Thansur Bokor have yet to reach their potential as the property is not yet fully operational.

Slot Operations

WUD *      
    Q3:12   Q3:11   Y/Y ∆
Cambodia   $175   $233   -25%
Philippines   $74   $68   9%
Consolidated   $132   $145   -9%
EGM Seats in Operation            
    9/30/12   9/30/11   Y/Y ∆
Cambodia   839   715   17%
Philippines   581   780   -26%
Consolidated   1,420   1,495   -5%

* Represents WUD for the Company’s slot machine operations. It excludes EGM seats in operation during venue soft launch opening periods and includes cash payments for venues for which revenue is recognized on a cash basis. During the third quarter of 2012, one venue in the Philippines recognized revenue on a cash basis. Including revenue recognized on an accrual basis from this venue would not have had a material impact on the WUD for the period. During the third quarter of 2011, one venue in Cambodia operated during a soft launch and one venue in the Philippines recognized revenue on a cash basis. Had these seats been included and revenue recognized on an accrual basis, WUD would have been $215 for Cambodia, $66 for Philippines and $137 for the consolidated average for the period.

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