Entertainment Gaming Asia Announces Update for Its Casino Development Project in the Pailin Province of Cambodia
10 January 2012 - 1:00AM
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 that construction of its casino
development project in the Pailin Province of Cambodia near the
Thailand border (the “Pailin Project”) is well underway and on
target to be completed in the second quarter of 2012. The $2.4
million internally funded initial phase of the Pailin Project will
consist of a casino, which will be named Dreamworld Casino Pailin,
with approximately 23 table games and 40 electronic gaming machine
seats. It is one of the Company’s first casino development projects
and part of its strategy to expand its gaming operations to become
a leading owner and operator of regional casinos in the growing
markets of Indo-China.
Also today, the Company announced that it has expanded its
corporate website to enable the investment community to track the
development process of its casino projects. Please visit
www.EGT-Group.com under the new section entitled Casino Projects
where the Company will provide periodic updates and photos of
casino projects currently under construction.
Clarence Chung, Chairman and Chief Executive Officer of
Entertainment Gaming Asia, commented, “We are pleased with our
progress to-date on this exciting casino project, which we believe
is strategically located in the attractive and growing gaming
market of Pailin at the Thailand border. This project is an
incremental step in our casino development strategy and offers the
potential for near-term earnings and long-term growth. We look
forward to providing more updates throughout the development
process.”
About Entertainment Gaming Asia Inc.
Entertainment Gaming Asia Inc. (NYSE Amex: EGT) 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 or monthly fees based on an agreed upon
percentage of the net gaming win per machine and provides on-site
maintenance. Entertainment Gaming Asia Inc. is also 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.
Forward Looking Statements
This press release contains forward-looking statements
concerning Entertainment Gaming Asia within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Those
forward-looking statements include statements regarding
expectations for the expansion of the Company’s participation
business model, the timeline and working capital requirements for
the Pailin casino project, the near-term earnings of the Pailin
casino project, growth of the gaming industry in the Indo-China
region and the Company’s ability to secure new casino projects and
fund those projects as well. Such statements are subject to certain
risks and uncertainties, and actual circumstances, events or
results may differ materially from those projected in such
forward-looking statements. Factors that could cause or contribute
to differences include, but are not limited to, risks related to
Entertainment Gaming Asia’s ability to place gaming machines at
significant levels and generate the expected amount of net win from
the gaming machines placed, obtain the gaming license and building
permits and complete the development for the casino projects on a
timely basis or at all, identify, procure successfully develop
additional casino projects in the Indo-China region, acquire
additional capital as and when needed and those other risks set
forth in Entertainment Gaming Asia’s annual report on Form 10-K for
the year ended December 31, 2010 filed with the SEC on March 30,
2011 and subsequently filed quarterly reports on Form 10-Q.
Entertainment Gaming Asia cautions readers not to place undue
reliance on any forward-looking statements. Entertainment Gaming
Asia does not undertake, and specifically disclaims any obligation
to update or revise such statements to reflect new circumstances or
unanticipated events as they occur.
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