Nasdaq-quoted casino equipment maker and operator Entertainment Gaming Asia Inc on Monday said it was back in compliance with the New York bourse’s listing requirements.
In October the firm was given six months – until April 13 – to regain compliance with the minimum US$1.00 bid price per share required as a condition of listing.
“…since the closing bid price of the company’s common stock had been at US$1.00 per share or greater for the last 10 consecutive business days, from February 26 to March 11, 2015, the company has regained compliance…and this matter is now closed,” said Entertainment Gaming Asia in a statement.
In late February the firm announced a one-for-four reverse split of the company’s common stock and corresponding decrease in the number of authorised shares of common stock.
The enterprise is known by the ticker name EGT, having changed its name from Elixir Gaming Technologies Inc in July 2010. The earlier entity listed on the NYSE American Stock Exchange in April 2004 and transferred its listing to the Nasdaq Capital Market in January 2013.
Entertainment Gaming Asia is an indirect majority-owned subsidiary of Macau casino investor Melco International Development Ltd. The latter also has interests – with its partner Crown Resorts Ltd – in the Philippines.
EGT supplies electronic gaming machines on a revenue sharing basis to the gaming industry in Cambodia and the Philippines. It also develops and operates casinos and gaming venues in the Indochina region under the Dreamworld brand.
Additionally, the company manufactures and sells traditional gaming chips and plaques and versions using radio frequency identification technology to major casinos under its Dolphin brand.
EGT currently operates one property called Dreamworld Club Poipet (pictured) in northwestern Cambodia in the province of Banteay Meanchey.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia