Entertainment Gaming Asia posted a widened net loss of $5.3 million in 2016, due to lower gaming operations revenue, higher operating expenses and higher taxes in its Philippine operations.
The gaming supplier exited its operations in Cambodia in 2016, selling all of its EGM seats at NagaWorld Casino.
At the time, Clarence Chung, chairman and CEO of Entertainment Gaming Asia said the move would better position the company for new 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,” he said.
As a result of the sale, “all revenue and expenses associated with the gaming products operations and Cambodia gaming operations have been reclassified as discontinued operations for the periods presented,” said the company in its most recent release.
The company reported consolidated revenue from continuing operations of $2 million for the 2016 fiscal year, down 26 percent compared to 2015, and adjusted LBITDA of $4.4 million in 2016, compared to $2.5 million in 2015.
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