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.
Sep 19, 2018Nowadays, millennials, people who were born in the 1980s or...
Aug 16, 2018Food and drink have been heavily marketed as part of Macau...
Jun 27, 2018Macau’s gaming law needs to be amended in order to...
Oct 22, 2018Another licensed cross-border bus service – this one branded as “Hong Kong-Macau Express” – announced over the weekend a passenger service between Kowloon, Hong Kong and several Macau...
Oct 22, 2018
”I don’t see this project [Lisboeta Macau] will just go for the existing market clientele. The clientele I’m going for is… family [travellers]. This is a four-star resort and the pricing will be benchmarked against other four-star hotels in Cotai.”
Director of Macau Theme Park and Resort