Nasdaq-listed Entertainment Gaming Asia Inc is to become privately owned. An entity called EGT Nevada Holding Inc announced on Wednesday that it and Hong Kong-listed Melco International Development Ltd, led by casino entrepreneur Lawrence Ho Yau Lung (pictured), had completed a previously-announced tender offer for all Entertainment Gaming Asia’s issued and outstanding shares of common stock not already owned by EGT Nevada and its affiliates.
Entertainment Gaming Asia’s business activities include leasing electronic gaming machines in the Philippines market. But the firm has said it has been restructuring its business to focus on social gaming. It sold last year its assets related to gaming product manufacturing as well as its gaming assets in Cambodia.
In early May, Entertainment Gaming Asia reported a net loss of US$2.04 million for the first quarter of 2017, compared to a net loss of US$1.48 million in the prior-year period.
The tender offer – valued at US$2.35 per share – for Entertainment Gaming Asia stock, expired at 5pm New York time on Tuesday, according to a Wednesday filing by the firm.
Shares representing 92.53 percent of the Entertainment Gaming Asia’s outstanding shares – when combined with the shares owned by EGT Nevada and its affiliates – were tendered into for the offer.
“As a result, Entertainment Gaming will become a privately-held company, and Entertainment Gaming’s common stock will cease trading on the Nasdaq Capital Market and will be delisted,” said the filing from Entertainment Gaming Asia.
“The offer does not involve nor relate to Melco Resorts and Entertainment Ltd, Melco International’s major gaming subsidiary,” added the regulatory document. Melco Resorts, chaired by Mr Ho, operates resorts in Macau and the Philippines.
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”I would expect that there might be some clearly-defined criteria … and I’m supportive of a more clearly-defined roadmap for the [gaming] industry”
Co-chairperson and executive director of Macau casino operator MGM China