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 Entertainment Gaming Asia, Inc. has announced that it has begun a new casino development project in the Kampot province of Cambodia right on the edge of the Vietnam border. The project, which represents a strategic incremental step towards the company becoming the leading operator of regional casinos in the emerging Indo China market, is expected to bring in new revenue before the end of the year. The casino, which will operate under the "Dreamworld" brand will be a small complex with just 14 table games and 25 electronic games. It expected to open during the fourth quarter of 2011 and depending on demand it could be expanded at a future date.
The initial phase of the casino project is expected to cost less than $1 million as the electronic gaming machines will be taken from the Company's existing inventory. It will be funded by the Company's cash on hand which is approximately $12 million.
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented on the project by saying, "We are making solid progress in implementing our new growth strategy with the goal of becoming the leading owner and operator of regional casinos in select emerging gaming markets in Asia. We believe this strategic new project provides the potential for near-term earnings and long-term growth while further establishing our footprint and the "Dreamworld" brand in our target markets. In addition, we remain in active negotiations on a number of other gaming projects in the region to achieve our stated growth strategy. We look forward to providing investors more details as our casino development plans continue to progress."
As always, stay tuned to Casinofan for more news and updates.
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