Entertainment Gaming Asia Inc. (NASDAQ: 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, 2013 and reviewed recent corporate progress.
- Total consolidated revenue of $5.8 million for the second quarter of 2013
- Total revenue from gaming operations of $5.7 million for the second quarter of 2013
- Average consolidated win per unit per day (WUD) from slot operations of $135 for the second quarter of 2013
- Dreamworld Pailin, the Company’s first casino development project, contributed $907,000 to gaming revenue for the second quarter of 2013
- Adjusted EBITDA (earnings from continuing operations before interest, taxes, depreciation, amortization and non-cash charges) of $1.9 million for the second quarter of 2013
- Net loss from continuing operations of $385,000 for the second quarter of 2013
- Cash balance of $4.8 million and zero debt as of June 30, 2013
- The Company is preparing to implement a strategic plan to refocus the gaming operations of Dreamworld Pailin with the goal of improving its bottom-line performance
- Dreamworld Poipet, a slot hall developed by the Company in an established gaming market near the Cambodia-Thailand border, officially opened in May 2013 and achieved positive EBITDA for the month of July 2013
- The new high-security Dolphin gaming chips and plaques manufacturing plant in Hong Kong is fully operational with attractive growth potential, including a near-term order pipeline of approximately $2 million in revenue as of June 30, 2013
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, “It has been an eventful quarter for the Company with the opening of our new Dreamworld Poipet slot club, the completion of the relocation and repositioning of our gaming products division and the formulation of a strategic plan to drive improved earnings performance for Dreamworld Pailin.