“During 2012, we focused on the execution of our casino and gaming development strategy with the opening of our first project, Dreamworld Pailin, and initiating construction on our second project, Dreamworld Poipet, all while paying down debt in full and maintaining a solid cash position of $10.4 million as of December 31, 2012.
“We believe the year ahead is an exciting time for Entertainment Gaming Asia. With our second Dreamworld property soon to open, solid performance from our slot operations, and the implementation of strategic plans to enhance long-term returns for our Dolphin gaming chips and plaques, we are building a solid foundation for future growth and enhanced shareholder value.”
Q4 and 2012 Fiscal Year Financial Review
The Company effected a 1:4 reverse stock split of its common shares on June 12, 2012. All historical share amounts and share information presented have been proportionally adjusted to reflect the impact of this reverse stock split, including basic and diluted weighted-average shares and shares issued and outstanding.Entertainment Gaming Asia’s fourth quarter of 2012 consolidated revenue was $10.3 million, an increase of 34% compared to $7.7 million in the fourth quarter of 2011. Consolidated revenue was $32.8 million for the 2012 fiscal year, an increase of 21% compared to $27.1 million in the 2011 fiscal year. The increases were due to significant improvements in both of the Company’s gaming and other products business divisions. Revenue from gaming operations, which included both slot and casino operations, was $5.8 million in the fourth quarter of 2012, an increase of 34% compared to $4.3 million in the fourth quarter of 2011. Revenue from gaming operations was $20.4 million for the 2012 fiscal year, an increase of 17% compared to $17.4 million in the 2011 fiscal year. The increases were attributed to incremental revenue from the Company’s new casino Dreamworld Pailin and slot operations in Thansur Bokor, both of which officially opened in May 2012, and improvement in its slot operations in both Cambodia and the Philippines.