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Dreamworld Club (Poipet) was the last of the Company's EGM leasing operations in Cambodia. The Company's remaining EGM leasing operations consist of two venues in the Philippines.
HONG KONG – Entertainment Gaming Asia Inc. announced that it has sold gaming assets in Cambodia, including its 278 electronic gaming machine (EGM) seats placed in Dreamworld Club(Poipet), 72 EGM seats held in Cambodia storage and gaming equipment spare parts and accessories, to the venue owner of Dreamworld Club (Poipet) for cash proceeds of $900,000. The Company received the cash proceeds and the sale closed on December 23, 2016. The Company also announced that on December 21, 2016, the Company and the venue and land owners of Dreamworld Club (Poipet) entered into an agreement to terminate, effective December 1, 2016, the machines operation and participation agreement among the parties dated April 2, 2012.
In accordance with the terms of the machines operation and participation agreement, the ownership of the Dreamworld Club (Poipet) building, which was constructed and paid for by the Company on the property of the land owner of Dreamworld Club (Poipet), reverted to the venue owner upon termination of the agreement.
Dreamworld Club (Poipet) was the last of the Company’s EGM leasing operations in Cambodia. The Company’s remaining EGM leasing operations consist of two venues in the Philippines.
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, “This asset sale is part of our continued efforts to refine our business operations and position ourselves for new opportunities. The termination of the Dreamworld Club (Poipet) operations should have a minimal impact on our future cash flow from operations and provides additional resources to direct toward the execution of a new potential growth strategy, which involves the entrance into new areas such as film and related businesses.”
Angelos is the news editor for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). His role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. He currently studies Communication, Media & Culture in Panteion University of Political & Social Studies of Athens.
