The company said it plans to apply the proceeds to "develop future casino and game club projects, operate slot participation and expand general working capital in its gaming products division."
Entertainment Gaming Asia, linked to Hong Kong-listed casino investor Melco International Development Ltd, is a gaming company focused on emerging gaming markets in Asia. It operates slot machines on a participation basis and also supplies gaming chips and plaques to casinos.
On Wednesday, Entertainment Gaming Asia said that the offer of rights to the company's common stock holders will take place on a date when it is decided.
The company reported second-quarter revenue of $4.9 million last week, down 5% from $5.2 million a year earlier. It said the drop was "due in part to lower gaming operating revenue offset by higher gaming product sales."
Philippine business revenues were stable, it said, and its average daily net profit improved slightly, mainly due to new marketing initiatives.
Entertainment Gaming Asia is "exploring both slot participation and casino development projects in Indochina and other growing gaming markets in Asia," CEO Clarence Szutman said in a statement.
On Dec. 18 last year, the U.S. Court of Appeals for the Second Circuit summarily dismissed a 2010 civil lawsuit filed by investors of Entertainment Gaming Asia, formerly Elixir Gaming Technologies Inc, alleging that it made "false and misleading statements" about the company's slot business between June 2007 and August 2008.
Chung is also chairman of Melco Crown (Philippines) Resorts Corporation, a joint venture to build the Casino Resort City of Dreams Manila in the Philippines.
BY: 카지노사이트
