Entertainment Gaming Asia's Dolphin Subsidiary Expands Market Presence into the Philippines with $1.3 Million Gaming Chip Order from the New Solaire Resort & Casino
- Company Also Confirms Delivery is in Process of $2.2 Million Gaming Chip Order to Crown Perth in Australia -
HONG KONG--(BUSINESS WIRE)-- Entertainment Gaming Asia Inc. (NYSE MKT: EGT) ("Entertainment Gaming Asia" or "the Company"), a leading gaming company focused on emerging gaming markets in Pan-Asia, today announced its Dolphin subsidiary has secured a $1.3 million gaming chip order to supply Bloomberry Resorts Corp.'s (PSE: BLOOM) new Solaire Resort & Casino ("Solaire") in the Philippines. This order will be booked in the fourth quarter of 2012 and marks Dolphin's entrance into the growing Philippine gaming market. Solaire, a premier integrated resort, will be the first property to open in the highly-anticipated Entertainment City casino and tourist complex in Manila Bay in early 2013.
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, "Dolphin is delighted to be appointed as the supplier of Solaire's peso-denominated cash, non-negotiable and reserve bank chips. The order includes approximately 765,000 chips with a range of Dolphin's high-level security features. We believe this order reflects the recognition by Solaire management of the superior product quality and service offered by the Dolphin team and our commitment to developing a range of products that is considered by casino customers to be preeminent."
Also today, the Company announced that its Dolphin subsidiary is in the process of delivering its previously-announced order of RFID gaming chips and plaques to long-time customer, Crown Perth, formerly known as Burswood Entertainment Complex, in Perth, Western Australia. This $2.2 million order, of which approximately $1.6 million will be booked in the third quarter of 2012 and the remaining $600,000 will be booked in the fourth quarter of 2012, includes over 500,000 chips and 25,000 plaques as part of the rebranding of the property to the world renowned "Crown" brand. The newly expanded and refurbished Crown Perth, which is part of the integrated urban entertainment resorts owned by Crown Limited (ASX: CWN), was launched at a gala opening on September 20, 2012.
Clarence Chung concluded, "Our Dolphin team worked closely with Crown Perth to design a series of chips and plaques that include the highest level security features available and capture the new branding befitting Crown Perth. This order further strengthens our relationship with this prominent customer and we believe demonstrates their acknowledgment of the superior quality and security features of Dolphin's chips and plaques and their value for the money.
"We believe these orders are further evidence that our efforts to derive greater value from our Dolphin gaming chip assets are paying off. Through Dolphin's expanded product offerings and our targeted marketing programs, we continue to strengthen our existing customer relationships in our core markets of Australia and Macau and broaden our customer base to new geographies, such as the Philippines."
About Entertainment Gaming Asia Inc.
Entertainment Gaming Asia Inc. (NYSE MKT: EGT) is a leading gaming company in Pan-Asia engaged in the development and operation of casinos and gaming venues in the Indo-China region under its "Dreamworld" brand as well as the leasing of electronic gaming machines on a participation basis to the gaming industry. The Company also manufactures and sells RFID and traditional gaming chips and plaques to major casinos through its wholly-owned subsidiary Dolphin Products in Australia. For more information please visit www.EGT-Group.com.
Forward Looking Statements
This press release contains forward-looking statements concerning Entertainment Gaming Asia within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include statements regarding expectations for the business of Entertainment Gaming Asia's Dolphin subsidiary, the demand for its gaming chips and expectations for future revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the Company's ability to adhere to the necessary quality control and production schedule requirements, the irregular nature of orders for its gaming chips and other risks set forth in Entertainment Gaming Asia's annual report on Form 10-K for the year ended December 31, 2011 filed with the SEC on March 30, 2012 and subsequently filed quarterly reports on Form 10-Q. Entertainment Gaming Asia cautions readers not to place undue reliance on any forward-looking statements. Entertainment Gaming Asia does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Entertainment Gaming Asia Inc.
Traci Mangini, 312/867-0848
KEYWORDS: Australia United States Asia Pacific North America Australia/Oceania Philippines Nevada Hong Kong
The article Entertainment Gaming Asia's Dolphin Subsidiary Expands Market Presence into the Philippines with $1.3 Million Gaming Chip Order from the New Solaire Resort & Casino originally appeared on Fool.com.
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