EGT Q2 revenue gains as Cambodia increase offsets Philippine decline

Entertainment Gaming Asia posted a 54 percent jump in Q2 revenue, helped by a gain in both its gaming operations and gaming products business, with strength in Cambodia offsetting weakness in the Philippines.

Adjusted EBITDA was $3.3 million compared to $2.1 million in the second quarter of 2014.

Excluding the discontinued operations from Dreamworld Pailin, the company reported net income from continuing operations of $217,000, or $0.03 per share.

Revenue was $7.6 million compared to $4.9 million a year earlier.

Gaming operations revenue was $4.9 million for the second quarter of 2015, an increase of 11 percent compared to $4.4 million in the second quarter of 2014 due to improvement in the Cambodian operations.

Cambodia average daily net win per unit was $165 for the second quarter of 2015, an increase of 27 percent compared to $130 in the prior year period primarily due to improved performance at NagaWorld. NagaWorld average daily net win per unit increased to $248 for the second quarter of 2015 compared to $203 in the prior year period primarily due to an increase in VIP player traffic.

Philippines average daily net win per unit was $65 for the second quarter of 2015, a decrease of 14 percent compared to $76 in the prior year period. The decrease was primarily due to increased competition from new integrated casino resorts in Manila.

Revenue from gaming products was $2.7 million for the second quarter of 2015 compared to $524,000 in the second quarter of 2014. The increase was primarily a result of higher sales of gaming chips and plaques due to strong reorder levels from existing customers.