• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Melco International now majority owner of EGT

Dec 02, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


Melco International now majority owner of EGT

Hong Kong-listed Melco International Development Ltd has subscribed to 26,062,294 new shares of common stock in Entertainment Gaming Asia Inc (EGT).

EGT operates slot machines on a participation basis and also supplies gaming chips and plaques to casinos in Asia. It currently operates one property in northwestern Cambodia in the province of Banteay Meanchey, called Dreamworld Club Poipet (pictured).

Melco International paid more than US$14 million for its subscription to new shares in EGT, via an entity called EGT Entertainment Holding Ltd, which was already EGT’s largest stockholder.

Nasdaq-listed EGT on Monday said it has successfully completed its share sale, raising gross proceeds of about US$15 million. The company sold 27,777,673 shares of its common stock, representing 100 percent of the shares offered in the rights offering, at the US$0.54 per share offer price.

Upon completion of the rights issue, Melco International’s subsidiary owns 37,512,294 shares of common stock in EGT, representing 64.81 percent of the outstanding shares of common stock of EGT’s enlarged capital.

“Accordingly, EGT has become a subsidiary of the company from completion of the EGT rights issue,” Melco International said in a filing on Tuesday.

Melco International, chaired by Lawrence Ho Yau Lung, is one of the two controlling shareholders of casino operator Melco Crown Entertainment Ltd. The other is Australia’s Crown Resorts Ltd.

“We are pleased to announce the completion of a successful rights offering and thank all those participating stockholders, particularly Melco [International] whose support has been instrumental in this process,” said EGT’s chairman and chief executive Clarence Chung Yuk Man.

“This offer is an important step in our plan to improve our capital resources and liquidity as we seek to secure meaningful new gaming projects in our target markets,” Mr Chung added.

EGT plans to use the proceeds to fund additional casinos and gaming clubs and expand its slot participation operations in Asia, the firm said in previous filings.

Last month, EGT reported a net loss of US$261,000 for the three months ended September 30, an improvement from the US$309,000 loss posted a year earlier.

EGT’s stock rose 7.55 percent on Monday trading in New York, to close at US$0.57 per unit. The firm has until April 13, 2015 to regain compliance with the minimum US$1.0 bid price per share listing requirement.


  • tweet
Related articles
  • Melco Resorts gives parent more time to repay loan
    Melco Resorts gives parent more time to...

    Jan 04, 2023  

  • Melco’s Macau unit capital boosted to US$624mln
    Melco’s Macau unit capital...

    Dec 16, 2022  

More news
  • Macau ops track earlier recovery after Jan GGR: analyst
    Macau ops track earlier recovery after...

    Feb 01, 2023  

  • Prominent locals speak in court for Tak Chun boss Levo Chan
    Prominent locals speak in court for Tak...

    Feb 01, 2023  


Latest News

Macau ops track earlier recovery after Jan GGR: analyst

Macau ops track earlier recovery after Jan GGR: analyst

Feb 01, 2023  

Most of Macau’s casino operators are likely to generate positive free cash flow in the first quarter, given the robust recovery level of mass-market gross gaming revenue (GGR) in January, relative...
Read More
Prominent locals speak in court for Tak Chun boss Levo Chan

Prominent locals speak in court for Tak Chun boss Levo Chan

Feb 01, 2023  

January travel lift, CNY sees Macau GGR up 233pct m-o-m

January travel lift, CNY sees Macau GGR up 233pct m-o-m

Feb 01, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Momentum is expected to grow as mainland China recently reopened its borders, and this presents a substantial growth potential for us as historically a large portion of our clientele came from China”

Porntat Amatavivadhana

Non-executive chairman of Donaco International



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPMMacau CNY mass GGR maybe 60pct plus of CNY 2019: JPM January 31, 2023
  • January travel lift, CNY sees Macau GGR up 233pct m-o-mJanuary travel lift, CNY sees Macau GGR up 233pct m-o-m February 1, 2023
  • Chinese comeback limited impact on Singapore IRs: bankChinese comeback limited impact on Singapore IRs: bank January 31, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us