[BUSINESS WIRE]
Entertainment Gaming Asia Inc. (NYSE Amex: EGT) (“Entertainment Gaming
Asia” or “the Company”), a leading provider of electronic gaming
machines on a participation basis to the Pan-Asian gaming industry,
today announced it entered into a new casino development project in the
Kampot province of Cambodia near the Vietnam border. This casino project
represents a strategic incremental step in the Company’s growth plans to
become the leading owner and operator of regional casinos in emerging
gaming markets in Indo China and is expected to contribute to near-term
earnings.
The casino, which will be operated under the Company’s “Dreamworld”
brand, will include table games such as baccarat, roulette and dice
games as well as electronic gaming machines. The initial phase of the
casino is expected to be opened in the fourth quarter of 2011, subject
to the timely issuance of the required gaming license, with up to 14
table games and 25 electronic gaming machine seats. Depending on demand
and the availability of capital, the Company may add at a future date
additional casino floor space and equipment as well as complementary
facilities such as hotel rooms, a spa and other entertainment amenities.
The casino will be developed and constructed on approximately 108,000
square feet (approximately 10,000 square meters) of land strategically
located near one of Southern Cambodia’s busy border crossing checkpoints
with Vietnam. The project will be one of a few casinos in the Kampot
province and will cater to visitors from the major nearby cities in the
region.
The casino project will be owned by a joint venture company (the “JVC”)
incorporated in Cambodia for the sole purpose of operating the casino.
The shareholders of the JVC are Entertainment Gaming Asia with a 67%
interest and a local partner with a 33% interest.
Under the terms of the shareholders agreement, the JVC will apply for
its own casino license and the local partner will lease to the JVC the
land for a period of 25 years for an annual fee of $1.00. In return, the
Company will make a one-time lump sum payment to the local partner in
the amount of $260,000 and will fund the development, construction and
operation of the casino on the land. Entertainment Gaming Asia will have
exclusive management rights and control over the development and
operation of the casino, and management and voting control over the JVC.
The Company and the local market partner will share the net revenue of
the JVC (the total gross revenue of the casino less any payouts paid to
customers, operating expenses, and gaming and non-gaming taxes on the
JVC’s revenue) on a 60/40 basis, respectively. The initial project term
is 25 years with renewal options. Development of the casino is subject
to the JVC’s receipt of the required gaming license and relevant
construction permits, for which the JVC is in the application process.
Capital expenditures for the initial phase of the casino are projected
to be less than $1 million as the electronic gaming machines will be
sourced from the Company’s existing inventory. The capital expenditures
for the initial phase will be funded by the Company's cash on hand,
which had reached approximately $12 million as of February 28, 2011.
Clarence Chung, Chairman and Chief Executive Officer of Entertainment
Gaming Asia, commented, “We are making solid progress in implementing
our new growth strategy with the goal of becoming the leading owner and
operator of regional casinos in select emerging gaming markets in Asia.
We believe this strategic new project provides the potential for
near-term earnings and long-term growth while further establishing our
footprint and the “Dreamworld” brand in our target markets. In addition,
we remain in active negotiations on a number of other gaming projects in
the region to achieve our stated growth strategy. We look forward to
providing investors more details as our casino development plans
continue to progress.”
About Entertainment Gaming Asia Inc.
Entertainment Gaming Asia Inc. (NYSE Amex: EGT), formerly known as
Elixir Gaming Technologies, Inc., is a leading provider of electronic
gaming machines on a participation basis to the Pan-Asian gaming
industry. The Company secures long-term contracts to provide electronic
gaming machines and related systems to premier hotels and other
well-located gaming venues in Asia. The Company retains ownership of the
gaming machines and systems and receives recurring daily fees based on
an agreed upon percentage of the net gaming win per machine and provides
on-site maintenance. Entertainment Gaming Asia Inc. also is engaged in
the development of casinos in Indo China where it intends to own and
operate casino resorts under the “Dreamworld” brand. For more
information please visit www.EGT-Group.com.
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