Dec 29, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck
Nasdaq-listed Entertainment Gaming Asia Inc announced on Wednesday that it has sold all of its gaming assets in Cambodia to the owner of Dreamworld Club Poipet (pictured), a standalone slot hall in an existing casino property in Poipet. The deal was valued at US$900,000 and the sale closed on December 23, the company said in a press release.
The deal included 278 electronic gaming machine (EGM) seats placed in Dreamworld Club Poipet, 72 EGM seats held in storage in Cambodia and gaming equipment spare parts and accessories, the firm said.
Entertainment Gaming Asia also announced that it entered into an agreement on December 21 with the owners of the venue and the land of Dreamworld Club Poipet to terminate a gaming machine operation and participation agreement among the parties, effective December 1, 2016. Following the termination, the ownership of the Dreamworld Club Poipet building reverted to the venue owner, the company added.
Dreamworld Club Poipet was the last of Entertainment Gaming Asia’s EGM leasing operations in Cambodia.
In July, Entertainment Gaming Asia announced it was selling all of its EGMs placed in NagaWorld – a casino resort located in Cambodia’s capital Phnom Penh – to a third party for a total consideration of US$2.5 million. In October, the firm sold its 71 EGMs in Thansur Bokor Highland Resort, also in Cambodia, for US$250,000 in cash.
Entertainment Gaming Asia still leases EGMs to two properties in the Philippines. Until recently, the company also manufactured and distributed gaming chips, gaming plaques and related products under the Dolphin brand. In May the firm sold that business to casino currency and table games equipment firm Gaming Partners International Corp.
Commenting on the latest deal, Clarence Chung Yuk Man, chairman and chief executive of Entertainment Gaming Asia, said: “This asset sale is part of our continued efforts to refine our business operations and position ourselves for new opportunities.”
“The termination of the Dreamworld Club Poipet operations should have a minimal impact on our future cash flow from operations and provides additional resources to direct toward the execution of a new potential growth strategy, which involves the entrance into new areas such as film and related businesses,” Mr Chung said in a statement included in the press release.
Entertainment Gaming Asia in November posted a net loss of US$744,000 for the third quarter of 2016. Casino investor Melco International Development Ltd – a company controlled by Lawrence Ho Yau Lung – is the controlling shareholder of Entertainment Gaming Asia.
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