2016 auctioned a critical segment of its domain and completely leave the Cambodian market, electronic gaming machines administrator Entertainment Gaming Asia Incorporated is presently to be de-recorded from the Nasdaq trade and taken into private hands.
Excitement Gaming Asia Incorporated finished the year by offloading 278 electronic gaming machine seats put in Dreamworld Club Poipet and 72 spots it was holding away alongside save parts and assistants to the property’s proprietor, Thai casino administrator, Crown Resorts Company Limited, for $900,000 while May saw it report a first-quarter net loss of $2.04 million, which contrasted with a deficiency of $1.48 million for the underlying three months of 2016. “As promptly as practicable without a vote of or prior notice to Entertainment Gaming Asia Incorporated’s stockholders, EGT Nevada Holding Incorporated intends to effect a “short-form” merger under Section 92A 180 of the Nevada Revised Statutes pursuant to which EGT Nevada Holding Incorporated will be merged with and into Entertainment Gaming Asia Incorporated and Entertainment Gaming Asia Incorporated will continue as the surviving corporation and a wholly-owned indirect subsidiary of Melco International Development Limited,” read a statement from Hong Kong-listed Melco International Development Limited. “As a result, Entertainment Gaming Asia Incorporated will become a privately-held company and Entertainment Gaming Asia Incorporated’s common stock will cease trading on the Nasdaq capital market and will be de-listed.”
The arrangement, which has esteemed each offer of Entertainment Gaming Asia Incorporated at $2.35, comes after July observed Entertainment Gaming Asia Incorporated offer 670 electronic gaming machine seats it held at Phnom Penh’s NagaWorld Hotel And Entertainment Complex for $2.5 million in real money while it in this manner influenced $750,000 by offloading 154 spots inside the Leisure World VIP To space Club in the Philippines. These plans with an undisclosed outsider were soon trailed by a choice to discard 71 positions the organization worked at Cambodia’s Thansur Bokor Highland Resort Casino for $250,000.
Amusement Gaming Asia Incorporated had furthermore worked machines inside the Dreamworld Casino Pailin close to Cambodia’s outskirt with Thailand until pitching this business to a nearby firm in 2014 for $500,000 following two years of income uselessness that had prompted lost $2.5 million. It had additionally made and circulated gaming chips, plaques, and related items by means of its Dolphin Products Limited backup before releasing this auxiliary to Gaming Partners International Corporation in late-April for $5.9 million.
The firm is presently set to be claimed by an undertaking called EGT Nevada Holding Incorporated alongside Hong Kong-recorded parent Melco International Development Limited, which is driven by Asian casino tycoon Lawrence Ho Yau Lung, after the match finished a formerly reported $9.4 million delicate for 92.53% of the association’s extraordinary offers.
