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TheStreet Open House

Entertainment Gaming Asia Inc. Reports Second Quarter 2013 Results And Provides Market Update

Stocks in this article: EGT

The Company recorded $4.8 million in revenue for slot operations in the second quarter of 2013, a decrease of 4% compared to $5.0 million in the second quarter of 2012 mainly attributable to the Philippine operations. The decrease in Philippine slot revenue was due to higher jackpot payouts and increasing competition in the market. Despite the revenue decline, Philippine average WUD improved slightly compared with the prior year quarter due to a lower installed base with higher performing machines.

The Company maintained strong revenue for Cambodia slot operations. NagaWorld operations contributed $3.7 million in revenue and $256 in average WUD to the second quarter of 2013, consistent with the same period last year. Dreamworld Poipet provided incremental revenue, which was offset by a decline in Thansur Bokor operations. Cambodia average WUD declined for the second quarter of 2013 compared to the prior year period due to the addition of machines in Dreamworld Poipet, which officially opened in May 2013, and to a lesser extent, Thansur Bokor, which officially opened in May 2012.

 

       

Slot Operations

Net Revenue to EGT (in millions)

           

Q2:13

   

Q2:12

   

Y/Y ∆

Cambodia (1)             $4.0     $4.0     -
Philippines             $0.8     $1.0     -20%
Consolidated             $4.8     $5.0     -4%
                           

WUD (2)

           

Q2:13

   

Q2:12

   

Y/Y ∆

Cambodia (1)             $169     $215     -21%
Philippines             $74     $72     3%
Consolidated             $135     $147     -8%
                           

EGM Seats in Operation

           

6/30/13

   

6/30/12

   

Y/Y ∆

Cambodia (1)             1,062     818     30%
Philippines             570     623     -9%
Consolidated             1,632     1,441     13%
                   

(1) Includes Dreamworld Poipet, which operates under a machine operation and participation agreement. Dreamworld Poipet soft opened on March 28, 2013 with 166 EGM seats and grand opened on May 9, 2013 with approximately 300 EGM seats.(2) Represents WUD for the Company’s slot machine operations. It excludes EGM seats in operation during venue soft open periods and applies revenue recognized on a cash basis in the calculation of WUD for venues for which revenues are recognized on a cash basis. During the second quarter of 2013, one venue in Cambodia operated during a soft open. Had these seats been included in the WUD calculation, Cambodia and consolidated WUD for this period would have been $157 and $129, respectively. During the second quarter of 2012, one venue in Cambodia operated during a soft open and one venue in the Philippines recognized revenue on a cash basis. There were no material differences to average WUD figures for this period had these seats been included in the WUD calculations.

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