Entertainment Gaming Asia Slot Withdrawal ASIA & OCEANIA
Entertainment Gaming Asia, an indirect, majority-owned subsidiary of Melco International, is to sell all 670 of its electronic gaming machine (EGM) seats placed at NagaWorld Casino to a third-party in Cambodia for $2.5m
Entertainment Gaming Asia sells a total 824 gaming machine seats across both Cambodia and the Philippines for a total cash consideration of US$3.25m
CAMBODIA CASINO OPERATIONS
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CAMBODIA– NagaCorp Ltd which operates NagaWorld casino resort, the biggest casino in Cambodia, is in the process of building its major shopping complex, NagaCity Walk, which will connect NagaWorld casino resort with the second phase of the Naga2 project.
NagaCity Walk is expected to open to the public during the second half of 2016 and could open as early as this month. The Naga2 project will offer over 1,000 new luxury suites and hotel rooms; 500 electronic gaming machines and 300 gaming tables based on a filing made with the Hong Kong Stock Exchange. Progress on Naga2 sees the developer very close to topping out, whereby the property could be turned over to NagaCorp by early 2017 for interior fit-out.
Cambodia is expected to benefit the most from Macau’s casino industry slump with VIP rolling chip volume for NagaCorp was +65 per cent; electronic gaming machine bills-in was at +32 per cent and mass table drop was at +15 per cent which resulted in a GGR total of +35 per cent year-on-year. The Cambodian government is expected to pass a new gambling law before the end of the year that will impose new tax rates and seek to provide better regulations for the casino industry.
The government is looking to attract more foreign investment into its casino sector and boost tourism, with a special focus on tourists from China.
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Entertainment Gaming Asia is selling all 670 of its electronic gaming machine (EGM) seats placed at NagaWorld Casino to a third-party in Cambodia for $2.5m and a further 154 seats at Leisure World VIP Slot Club in the Philippines for a joint total of $3.25m
Te purchase price is payable by the purchaser in full in cash on completion of the sale. Prior to the sale, the company had leased EGMs to NagaWorld and that arrangement was terminated effective June 30, 2016 in connection with the sale transaction.
Te company has also sold all 154 of its EGM seats placed at Leisure World VIP Slot Club in the Philippines to the venue owner for $750,000, of which 70 per cent was paid on July 4, 2016 and 30 per cent is payable on or before August 1, 2016. Prior to the sale, the company had leased EGMs to Leisure World until June 30, 2016 when the contract expired.
Te company continues its EGM leasing operations in two venues in Cambodia and two venues in the Philippines. Te contracts for
AGT shareholders approve Novomatic acquisition
Australia
Following the meeting of shareholders held earlier this month, Ainsworth Game Technology (AGT) has announced the proposed acquisition of Len Ainsworth's 52.2 per cent stake to Novomatic has been approved. Te completion of the share sale is now subject to a range of regulatory and gaming licence approvals.
AGT CEO Danny Gladstone said: "From AGT's perspective, we are pleased that shareholders have passed the Resolution. While the process has been protracted, this is an important and exciting point in AGT's development."
Novomatic’s CEO Harald Neumann said that through
these two venues in the Philippines expired on June 30, 2016. However, the EGMs remain in operation as the Company is working to swiftly renew these contracts retroactive to July 1, 2016.
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, said: “We continue our strategic efforts to refine our business operations and position ourselves for new potential opportunities.
“While the exit from two EGM leasing contracts will have a negative impact on our near-term cash flow, we believe the cash proceeds of the sales will further enhance our ability to pursue new growth opportunities that will fuel long- term growth for the company.”
Entertainment Gaming Asia, an indirect, majority-owned subsidiary of Melco International Development Limited, is a gaming company engaged in the leasing of electronic gaming machines to the industry in Cambodia and the Philippines. Te company is also developing a free to play online social casino gaming platform for certain Asian markets.
Novomatic’s majority shareholding, AGT will benefit from collaboration across a range of markets that will be substantially positive for long term shareholder wealth creation.
Mr. Neumann emphasised: “We value the trust and support by the minority shareholders through the positive vote of approving the share transaction and will make every effort to meet their expectations. We will commence implementing the binding commitments as outlined in the Notice of Meeting to crystallise the expected benefits of the relationship.”
Mr Gladstone added: “We are delighted to have received shareholder support and look forward to working with Novomatic on the completion of this transaction and delivering on the expected benefits for our shareholders.”
North Marianas
Tinian Entertainment Corporation, an investor in the Northern Marianas shut down Tinian Dynasty Hotel & Casino, has been granted a conditional casino licence.
Te awarding of the licence by the Tinian Casino Gaming Control Commission is seen as the first step in a full takeover of Tinian Dynasty, allowing it to re- open by December.
Tinian Mayor Joey Patrick San Nicolas said the conditional licence is a godsend as it would speed the return of operations for the island's only economic driver.
Te Tinian Dynasty has been indefinitely closed for months now.
Tinian Dynasty suspended its casino operations last September and then shut down all hotel operations in March.
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