EGT exits Cambodian market
EGT announced the selling of its Cambodian businesses.
Cambodia.- EGT Entertainment Gaming Asia has formally left the Cambodian casino market due to company’s restructuring last December 28. EGT’s revenues in the Asian country had been facing a major decline since the beginning of the current fiscal year in July 2016.
The announcement was officially made by Clarence Chung, chairman and CEO of EGT, who stated: “This asset sale is part of our continued efforts to refine our business operations and position ourselves for new opportunities.” EGT sold its Cambodian 278 electronic gaming machine seats at the Dreamworld Club, Poipet, as well as 72 seats in the Dreamworld Poipet venue.
The transaction was a cash payment of US$900,000. “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,” added Chung.
