• 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 Intl makes offer to take private Ent Gaming Asia

May 08, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck  


Melco Intl makes offer to take private Ent Gaming Asia

Casino investor Melco International Development Ltd – a company controlled by Lawrence Ho Yau Lung (pictured) – has submitted a preliminary non-binding proposal to take private Nasdaq-listed Entertainment Gaming Asia Inc.

The firm is offering US$2.35 per share, net to the seller in cash. The offer – valid until June 6 inclusive – could cost Melco International up to US$12 million, plus eventual fees and commissions.

The announcement was made in a Friday filing by Entertainment Gaming Asia, prior to the opening of that day’s trading session in Nasdaq.

The operation is being conducted via EGT Nevada Holding Inc, a wholly owned indirect subsidiary of Melco International. The firm’s goal is to control at least 90 percent of Entertainment Gaming Asia’s shares.

Last month, it was announced by Entertainment Gaming Asia that Melco International was “considering making an offer… to acquire all of the outstanding common stock” of the company that it did not already own. It was said at the time that Melco International was considering pitching a bid to stockholders “in the range of approximately US$2.10 to US$2.25 per share, in cash via a tender offer”.

The shares of Entertainment Gaming Asia ended Friday’s regular trading session in New York valued at US$2.18 apiece, up 17.20 percent from the previous day’s price of US$1.86.

Melco International holds approximately 64.8 percent of Entertainment Gaming Asia, or about 9.38 million shares out of 14.46 million outstanding shares.

Melco International is also the controlling shareholder of Asian casino developer Melco Resorts and Entertainment Ltd, which has interests in Macau and the Philippines.

Entertainment Gaming Asia’s business activities include leasing electronic gaming machines in Asia’s gaming sector. But the firm 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. The firm has meanwhile entered into a non-binding memorandum of understanding – with an undisclosed party – to sell its remaining operating assets in the Philippines for a cash consideration of approximately US$1.9 million, it announced on Thursday.

Entertainment Gaming Asia reported last week 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 firm said in its filing on the Melco International offer that, by ceasing to be a Nasdaq-listed entity, it would “benefit from a substantial reduction of burdens on its management and expenses associated with being a public company.” It added that, as a privately-held company, Entertainment Gaming Asia would be able – as a subsidiary of Melco International – to realise cost savings and improve operational efficiencies by “eliminating duplication, reducing complexity and increasing scale”.


  • tweet
Related articles
  • SPAC partner in Okada Manila listing sues Universal Ent side
    SPAC partner in Okada Manila listing...

    Feb 07, 2023  

  • Cyprus president says Melco CoD Mediterranean to aid nation
    Cyprus president says Melco CoD...

    Feb 06, 2023  

More news
  • Alvin Chau and prosecution appeal court sentence
    Alvin Chau and prosecution appeal court...

    Feb 08, 2023  

  • LVS ranked by S&P as most sustainable casino sector firm
    LVS ranked by S&P as most...

    Feb 08, 2023  


Latest News

Alvin Chau and prosecution appeal court sentence

Alvin Chau and prosecution appeal court sentence

Feb 08, 2023  

The defence and the prosecution have respectively appealed against a Macau court’s sentencing decision that encompassed Alvin Chau Cheok Wa, former boss of now-defunct Macau casino junket...
Read More
LVS ranked by S&P as most sustainable casino sector firm

LVS ranked by S&P as most sustainable casino sector...

Feb 08, 2023  

Crane aims to complete split into 2 listed entities by April 3

Crane aims to complete split into 2 listed entities by...

Feb 08, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"The company will scrutinise the [26 Capital] lawsuit and properly deal with it"

Universal Entertainment

Japanese firm that controls the Okada Manila casino resort in the Philippines



Most Popular

  • Macau mulls subsidy of up to US$62 per overseas visitorMacau mulls subsidy of up to US$62 per overseas visitor February 7, 2023
  • Macau early Feb average daily GGR higher than Jan: JPMMacau early Feb average daily GGR higher than Jan: JPM February 6, 2023
  • Ex-junket boss Levo Chan aimed to go to Taiwan: policeEx-junket boss Levo Chan aimed to go to Taiwan: police February 7, 2023
  • SPAC partner in Okada Manila listing sues Universal Ent sideSPAC partner in Okada Manila listing sues Universal Ent side February 7, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us