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Entertainment Gaming Asia Inc. Reports First Quarter 2015 Results And Provides Market Update

Entertainment Gaming Asia Inc. Reports First Quarter 2015 Results And Provides Market Update
Entertainment Gaming Asia Inc. Reports First Quarter 2015 Results And Provides Market Update HONG KONG, May 14, 2015 /PRNewswire/ — Entertainment Gaming Asia Inc. (NASDAQ: EGT) (“Entertainment Gaming Asia” or “the Company”), a gaming company focused on emerging gaming markets in Pan-Asia, today reported operating results for the first quarter ended March 31, 2015 and reviewed recent corporate progress. Key Financial Metrics:First Quarter of 2015 Financial Performance:All historical revenues and expenses associated with Dreamworld Pailin, which ceased operation in June 2014, have been reclassified as discontinued operations for the presented periods. Historical share amounts have been proportionally adjusted to reflect the impact of the Company’s 1:4 reverse stock split effected on February 26, 2015 for the presented periods.The Company’s first quarter of 2015 consolidated revenue was $8.3 million, an increase of 76% compared to $4.7 million in the first quarter of 2014 due to increases in both the gaming operations and gaming products business divisions.Gaming operations revenue was $4.0 million for the first quarter of 2015, an increase of 3% compared to $3.9 million in the first quarter of 2014 due to improvement in the Cambodia operations partially offset by a decline in the Philippines operations. Average consolidated daily net win per unit was $108 for the first quarter of 2015, an increase of 7% compared to $101 in the first quarter of 2014 due to the higher revenue and a 4% reduction in the total operating machine base.Cambodia average daily net win per unit was $128 for the first quarter of 2015, an increase of 9% compared to $117 in the prior year period primarily due to improved performance at NagaWorld. NagaWorld average daily net win per unit increased to $198 for the first quarter of 2015 compared to $175 in the prior year period primarily due to an increase in VIP player traffic partially offset by higher jackpots in the first quarter of 2015.Philippines average daily net win per unit was $68 for the first quarter of 2015, a decrease of 4% compared to $71 in the prior year period. The decrease was primarily due to increased competition from new integrated casino resorts in Manila, one of which opened in March 2013 and another which soft opened in December 2014. While Philippines average daily net win per unit declined on a year-over-year basis, it improved from $65 in the prior sequential quarter as the Company continued its proactive marketing strategies to stabilize performance in an increasingly competitive landscape.Revenue from gaming products was $4.3 million for the first quarter of 2015 compared to $811,000 in the first 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. The Company achieved a gross profit for this division for the first quarter of 2015 compared to a gross margin loss in the prior year period. The gross margin increase was primarily due to substantially higher production volumes, continuing efforts to improve production efficiencies and the outsourcing of certain production processes for two orders with short lead times as demand exceeded the Company’s existing capacity during the period.Entertainment Gaming Asia reported adjusted EBITDA of $2.4 million in the first quarter of 2015 compared to $960,000 in the first quarter of 2014. The Company reported net income of $570,000, or $0.04 per share, on a weighted average diluted share count of 14.5 million shares for the first quarter of 2015. This compared to a net loss of $1.0 million, or $0.14 per share, on a weighted average diluted share count of 7.5 million shares for the first quarter of 2014. The first quarter of 2014 net loss included a net loss of $157,000 from discontinued operations related to Dreamworld Pailin. Excluding the discontinued operations, the Company reported a net loss from continuing operations of $873,000, or $0.12 per share, for the first quarter of 2014.Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, “We are pleased to report a positive net profit for the first quarter of 2015. The primary drivers of our performance were the significant improvements in gaming products sales and gross margin as well as the growth in gaming operations revenue. Gaming products benefitted from an attractive reorder pipeline from existing customers and our continuing efforts to improve profitability while growth in gaming operations was largely due to solid performance from NagaWorld.We are focused on continuing to improve our operating performance and securing new projects that will drive long-term growth and earnings visibility for the Company. With a cash position of over $20.0 million and as an indirect, majority-owned subsidiary of Melco International Development Limited, a leader in Asian gaming, we believe we have greatly enhanced our financial flexibility and improved our access to a broader pool of potential growth opportunities in growing gaming markets in Asia. We are actively seeking new projects that would further enhance our existing business lines and provide the opportunity to add new ones.”Entertainment Gaming Asia is hosting a conference call and simultaneous webcast at 8:30 a.m. ET today, May 14, 2015, both of which are open to the general public. The conference call number is 800/732-6870 or 212/231-2901. Questions and answers will be reserved for call-in analysts and investors. Interested parties may also access the live call on the Internet at www.EGT-Group.com. Please allow 15 minutes to register and download and install any necessary software.  Following its completion, a replay of the call can be accessed for thirty days on the Internet at www.EGT-Group.com.About Entertainment Gaming Asia Inc.Entertainment Gaming Asia Inc. (NASDAQ: EGT), an indirect, majority-owned subsidiary of Melco International Development Limited, is a gaming company in Pan-Asia engaged in the leasing of electronic gaming machines on a revenue sharing basis to the gaming industry in Cambodia and the Philippines and the development and operation of gaming venues in Asia under its “Dreamworld” brand.  The Company also manufactures and sells RFID and traditional gaming chips and plaques to major casinos under its “Dolphin” brand.  Forward Looking StatementsThis 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 Company’s slot operations business model, growth of the gaming industry in Asia, the Company’s ability to secure new gaming projects and fund those projects, expectations for the increasing profitability of the Company’s gaming chips and plaques operations and expectations for expanding its business model to new gaming platforms and markets. 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, risks related to the Company’s ability to: place gaming machines at significant levels and generate the expected amount of net win from the gaming machines placed; identify and implement successful marketing and promotional strategies for the Company’s gaming projects and identify and successfully develop additional projects; acquire additional capital as and when needed; identify and implement successful marketing and promotional strategies and obtain and fulfill significant purchase orders from the customers for the Company’s gaming chips and plaques; successfully improve manufacturing processes and enhance production efficiencies for the Company’s gaming chips and plaques; adapt to potential changes in gaming policies and political stability in the countries in which the Company operates and those other risks set forth in the Company’s annual report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 26, 2015 and subsequently filed quarterly reports on Form 10-Q. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other non-cash operating income and expenses. Adjusted EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its operations with those of its competitors. The Company also presents Adjusted EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to financial measures in accordance with generally accepted accounting principles in the United States (“GAAP”). Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of the Company’s performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income/(loss), Adjusted EBITDA does not include depreciation or interest expense and, therefore, does not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using Adjusted EBITDA as only one of several comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include operating income, net income/(loss), cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in Adjusted EBITDA. Entertainment Gaming Asia’s calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.(1) Service revenue represents reimbursements of certain expenses, which for accounting purposes, are included in the revenue and grossed up in the cost of gaming operations.Logo – http://photos.prnewswire.com/prnh/20140508/85655 


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Wolf Popper LLP Investigates Claims That the Proposed Acquisition of Caesars Acquisition Company May Not Be In the Best Interests of Its Investors

Wolf Popper LLP Investigates Claims That the Proposed Acquisition of Caesars Acquisition Company May Not Be In the Best Interests of Its Investors
Wolf Popper LLP Investigates Claims That the Proposed Acquisition of Caesars Acquisition Company May Not Be In the Best Interests of Its Investors NEW YORK, Dec. 24, 2014 /PRNewswire/ – Wolf Popper LLP is investigating claims on behalf of investors in Caesars Acquisition Company (“CAC”) (NASDAQ: CACQ), concerning the proposed acquisition of Caesars by Caesars Entertainment Corporation (“CEC”) (NASDAQ: CZR).  CAC shareholders seeking more information about this acquisition are advised to contact Carl Stine at (212) 451-9631 or cstine@wolfpopper.com.The investigation concerns whether the CAC directors are breaching their fiduciary duties by agreeing to an unfair transaction where the majority shareholders of both CAC and CEC are benefiting by standing on both sides of the transaction.  Under the terms of the proposed transaction, CAC shareholders will receive 0.664 shares of CEC for each share of CAC they own.  Based on the closing prices of both stocks before the deal was announced, the consideration is valued at approximately $8.96 per share, which is 5.3% below the closing price of CAC on December 19, 2014, the last trading day before the announcement of the proposed transaction.  In addition, the offer price is below CAC’s 52-week high of $16.38 per share and significantly below an analyst price target of $15.00 per share.Wolf Popper LLP has extensive experience representing investors in mergers and acquisition lawsuits and has successfully ensured that investors receive increased value for their shares.  Twelve Wolf Popper attorneys were named Rising Stars or Super Lawyers in the 2014 Super Lawyers New York City Metro Edition, including Wolf Popper partner Carl Stine, who was included in the Super Lawyers Top 100 List for the New York City Metro area.  View Wolf Popper attorney biographies at www.wolfpopper.com.Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.Wolf Popper LLP845 Third AvenueNew York, New York 10022Telephone: 212-451-9631Toll Free Tel: 877-370-7703Toll Free Fax: 877-370-7704Email: cstine@wolfpopper.com


Howard Stutz – Inside Gaming: Internet gaming giant tries again

Howard Stutz – Inside Gaming: Internet gaming giant tries again
Howard Stutz – Inside Gaming: Internet gaming giant tries again You have to hand it to online gaming giant PokerStars.Despite setback after setback, the Europe-based company won’t give up on its quixotic quest to break into the fledgling U.S. Internet gaming market.After failing in Nevada and New Jersey, the new target is California.But odds are PokerStars is once again drawing dead.The company, operated by the Isle of Man-based Rational Group, is linked to three politically powerful Los Angeles-area card rooms and Riverside County’s the well-connected Morongo Band of Mission Indians.The partnership wants to block Internet poker legislation in the state that bans PokerStars from participating in what many believe will be a massive revenue-generating Internet market that would dwarf Nevada’s online poker network.How lucrative?Morgan Stanley gaming analyst Thomas Allen predicted last week that legal Internet gaming in the United States will produce $8 billion annually by 2020. California, he said, will legalize online poker and alone will see $1.18 billion in annual revenue.The partnership was first reported two weeks ago by veteran journalist Dave Palermo for gamblingcompliance.com. A follow-up story quoted an influential state lawmaker who said the alliance creates “a significant wrinkle” in passing any legislation.Nevada and New Jersey regulators took steps to keep PokerStars from gaining access to the states’ newly launched Internet gaming opportunities. California is considering similar mechanisms in two bills pending in Sacramento that would legalize Internet poker.There is nothing simple when it comes to PokerStars. The company remains the world’s largest online gaming website, controlling 54 percent of the global Internet traffic through markets outside of the United States.PokerStars pulled out of the United States in April 2011 following the indictment of its founder, Isai Scheinberg, and two other company officials on fraud and money-laundering charges.The action was part of the U.S. Justice Department high-profile “Black Friday” crackdown on poker websites that took wagers from Americans after passage of the Unlawful Internet Gambling Enforcement Act, which made financial transactions for online gaming illegal in 2006.Sixteen months later, PokerStars settled its civil case by forfeiting $731 million. The agreement required Scheinberg to cease any managerial role at PokerStars. The Justice Department absolved the company of wrongdoing in accepting Internet wagers from American gamblers for the five years after the act became law.Federal authorities didn’t prohibit PokerStars from entering legal U.S. gaming markets.State gaming regulators had an opposite view.In Nevada, online gaming regulations include a five-year ban on companies that accepted Internet bets from Americans after 2006. The language was dubbed as a “bad actor clause,” and all but singled out PokerStars. Internet gaming companies that took wagers from Americans, but halted the practice after 2006, including 888 Holdings and PaddyPower, have been licensed or found suitable.New Jersey gaming regulators considered a “bad actor clause” but dropped the idea. Regulators expressed their disapproval toward PokerStars when the company tried to buy the Atlantic Club last year. That deal fell apart. PokerStars later agreed to be the online gaming partner with Resorts Atlantic City, but the arrangement went nowhere.New Jersey’s Division of Gaming Enforcement suspended the Rational Group’s casino service industry license application for two years while the company tied up loose ends, namely dumping Scheinberg from its board and removing other executives.Which brings us to California.PokerStars is in talks with the Commerce Club, Hawaiian Gardens and Bicycle Club card rooms and the Morongo tribe, which operates the Morongo Casino-Resort off Interstate 10 west of Palm Springs. The group will lobby for legal Internet poker in California — as long as the legislation doesn’t contain a “bad actor clause.”Los Angeles attorney Keith Sharp, who represents the card rooms, said an agreement has not been reached.PokerStars spokesman Eric Hollreiser declined comment.Sharp said the best step lawmakers can take is to let state gaming regulators decide which companies should be licensed. That’s the way it’s worked for 16 years in the card room industry.“They have done a good job,” Sharp said. “We just don’t need another category.”Six years ago, the Morongo and 28 other tribes joined the 31 card rooms to form a California association to lobby for Internet poker legislation. Sharp said a passage of a bill “is closer than ever before.”He said he knows PokerStars is a issue, but not for the three card rooms and the tribe.“Apparently it is for others,” he said.California Tribal Business Alliance Chairwoman Leslie Lohse said PokerStars doesn’t meet the standards the organization wants lawmakers to set.“From the Alliance’s perspective, only entities that adhere to the highest regulatory standards, such as those used in the regulation of Indian gaming, should be licensed to provide online play,” Lohse said in a statement.The two Internet poker bills pending in the California Legislature include language making it difficult for PokerStars to enter the market. The bills also limit online poker licenses to Indian tribes and card rooms, and cut out the state’s horse racing industry.California’s 68 tribal casinos produce 25 percent of all the Indian gaming revenue in the United States — $6.96 billion in 2012, according to the newly released Casino City’s Indian Gaming Industry Report.With 38 million residents, California is far too valuable for PokerStars to pass up. The company is again willing to tilt at windmills, although its enemy is not imaginary.Copyright GamingWire. All rights reserved.


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