Selloff also includes Philippines slot hall
Entertainment Gaming Asia Inc. has announced it will sell its full inventory of electronic gaming machine seats at NagaWorld to a third-party buyer based in Cambodia. The sale price was US$2.5 million. The company also disclosed it has sold all 154 of its EGM seats at Leisure World VIP Slot Club in the Philippines. In the latter case, the venue owner acquired the seats, paying a total of $750,000. Prior to the sale, according to the Asia Gaming Brief, the company had leased the EGMs to Leisure World.
Clarence Chung, chairman and CEO of Entertainment Gaming Asia, said the company “continues our strategic efforts to refine our business operations and position ourselves for new potential 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.”
