UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event
reported): August 7, 2014
ENTERTAINMENT GAMING ASIA INC.
(Exact Name of Registrant as Specified in
Its Charter)
| Nevada |
|
001-32161 |
|
91-1696010 |
| (State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer Identification Number) |
Unit C1, Ground Floor, Koon Wah Building
No. 2 Yuen Shun Circuit
Yuen Chau Kok, Shatin
New Territories, Hong Kong SAR
(Address of principal executive offices,
including zip code)
+ 852-3147-6600
(Registrant’s telephone number, including
area code)
| Not applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions.
| o | Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c) |
Item 2.02 Results of Operations and Financial Condition
On August 7, 2014, we issued a press release
announcing our results of operations for the financial quarter ended June 30, 2014. The full text of the press release is furnished
as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits.
| (d) |
Exhibits |
Method Filing |
The following exhibit is filed with this report:
| |
|
|
| Exhibit 99.1 |
Press release dated August 7, 2014 regarding the registrant’s
financial results for its quarter ended June 30, 2014.
|
Filed Electronically herewith |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
ENTERTAINMENT GAMING ASIA INC. |
| |
|
| Dated: August 7, 2014 |
/s/ Clarence Chung |
| |
Clarence (Yuk Man) Chung |
| |
Chief Executive Officer |
Exhibit 99.1
For Immediate Release
CONTACTS:
Entertainment Gaming Asia Inc.
Traci
Mangini
tracimangini@EGT-Group.com
312/867-0848
ENTERTAINMENT GAMING
ASIA INC. REPORTS SECOND QUARTER 2014 RESULTS
AND
PROVIDES MARKET UPDATE
Hong Kong – August 7, 2014 –
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 second quarter ended June 30, 2014 and
reviewed recent corporate progress.
Key Financial Metrics:
| · | Consolidated revenue of $4.9 million for
the second quarter of 2014 |
| · | Adjusted EBITDA (earnings from continuing
operations before interest, taxes, depreciation, amortization and non-cash charges) of $2.1 million for the second quarter of 2014 |
| · | Net income from continuing operations
of $217,000 for the second quarter of 2014 |
| · | Cash balance of $4.7 million and zero
debt as of June 30, 2014 |
Gaming operations revenue comprised
solely slot participation as the Company ceased operations of its Dreamworld Pailin casino on June 1, 2014 and, as such, all the
related historical revenues and expenses have been reclassified as discontinued operations for the presented periods. On June 20,
2014, the Company entered into an agreement to sell 100% of the issued capital shares of its Cambodian subsidiary established for
the purposes of owning and operating Dreamworld Pailin. Pending government approval, this transaction is expected to close in the
next few months at which time the Company will recognize the anticipated gain on the disposal of the entity.
The Company’s second quarter of 2014
consolidated revenue was $4.9 million, a decrease of 5% compared to $5.2 million in the second quarter of 2013 due to a decline
in gaming operations revenue partially offset by an increase in gaming products sales.
Gaming operations revenue was $4.4 million for the second quarter of 2014, down 12% from $5.0 million
in the second quarter of 2013. The decline was primarily due to lower average daily net win per unit from NagaWorld partially offset
by improved revenue from Dreamworld Poipet.
Average consolidated daily net win per
unit was $112, a decrease of 17% compared to $135 in the second quarter of 2013. The decline was primarily due to NagaWorld, which
experienced higher jackpots in the second quarter of 2014. NagaWorld average daily net win per unit was $203 for the second quarter
of 2014 compared to a particularly strong $256 in the prior year period. While NagaWorld average daily net win per unit declined
on a year-over-year basis, it increased from $175 in the prior sequential quarter due to improved player traffic levels as protests
in Phnom Penh have been fairly well contained.
- more –
| Entertainment Gaming Asia Reports Q2 2014 Results, 8/7/2014 |
page 2 |
Revenue from gaming products was $524,000
in the second quarter of 2014 compared to $162,000 in the second quarter of 2013. The increase was due to higher sales volumes
from existing customers compared to the prior year period when the Company experienced a shortened production period due to time
spent to relocate the manufacturing facilities from Australia to Hong Kong.
Entertainment Gaming Asia reported adjusted
EBITDA of $2.1 million in the second quarter of 2014 compared to $2.3 million in the prior year period.
The Company reported a net loss of $22,000,
or breakeven per share, on a weighted average diluted share count of approximately 30.1 million in the second quarter of 2014.
The second quarter of 2014 net loss included a net loss of $239,000 from the discontinued Dreamworld Pailin operations. Excluding
this, the Company reported net income from continuing operations of $217,000, or $0.01 per share, for the second quarter of 2014.
This compared to a net loss of $286,000, or $0.01 per share, on a weighted average diluted share count of approximately 30.7 million
for the second quarter of 2013. The second quarter of 2013 net loss included a net loss of $378,000 from discontinued operations
related to Dreamworld Pailin and the Dolphin Products Pty Limited non-gaming plastic products business sold in March 2013. Excluding
these discontinued operations, the Company reported net income from continuing operations of $92,000, or breakeven per share, for
the second quarter of 2013.
The increase in net income from continuing
operations was primarily the result of higher gross profit from the Company’s Philippines gaming operations mainly due to
an increase in fully depreciated gaming assets and lower operating expenses largely due to a benefit
of approximately $448,000 related to the reversal in the second quarter of 2014 of a previously accrued one-time other tax
liability related to the Philippines operations. In addition, the Company recorded slight
foreign currency gains in the second quarter of 2014 compared to significant losses in the prior year period. This favorable differential
of $263,000 was primarily due to the strengthening of the U.S. dollar compared to certain foreign currencies in the markets in
which the Company operates in the prior year period. These factors were partially offset by lower revenue from NagaWorld.
Clarence Chung, Chairman and Chief Executive
Officer of Entertainment Gaming Asia, commented, “The decrease in gaming operations revenue for the second quarter of 2014
was largely due to the decline in revenue from NagaWorld. While player traffic levels have improved significantly from the first
quarter of 2014, we experienced increased player jackpots in the second quarter, which dampened overall net win performance. The
decline was partially offset by improved revenue from Dreamworld Poipet, which experienced volatility in the quarter due to the
political unrest in Thailand but continued to make progress in improving the quality of its customer base. Revenue from the Philippines
operations was relatively stable, with a slight improvement in average daily net win mainly due to new marketing initiatives.
“Our gaming products division experienced
a gross margin loss for the quarter largely due to inefficiencies and under-absorption of fixed costs stemming, in part, from the
delay of certain new automation equipment, which has now been installed. We are focused on improving production efficiencies and
capacity to prepare for large order flow. With the two previously announced gaming chip and plaque orders in the Philippines for
a combined total of over $4.0 million in revenue, along with normal reorders from existing customers, we believe we have an attractive
pipeline for the second half of 2014.
- more –
| Entertainment Gaming Asia Reports Q2 2014 Results, 8/7/2014 |
page 3 |
“We are focused on improving our
operating performance and on leveraging our established presence and relationships to secure new projects that will drive long-term
growth for the Company. We continue to selectively seek both slot participation and casino development projects in more established
markets in Indo-China and other growing gaming markets in Asia, which offer the potential for greater operational scale and returns.”
Entertainment Gaming Asia is hosting a
conference call and simultaneous webcast at 8:30 a.m. ET today, August 7, 2014, both of which are open to the general public.
The conference call number is 800/734-8582 or 212/271-4657. 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) is a gaming company in Pan-Asia engaged in the leasing of electronic gaming machines on a revenue-sharing basis to the
gaming industry and the development and operation of gaming venues in the Indo-China region under its “Dreamworld”. The
Company also manufactures and sells RFID and traditional gaming chips and plaques to major casinos under its “Dolphin”
brand. 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 Company’s slot operations business model, growth of the gaming industry in Asia, the Company’s ability to secure
new casino and gaming projects and fund those projects and expectations for the Company’s gaming chips and plaques operations.
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 at the
Company’s gaming projects and identify and successfully develop additional projects, acquire additional capital as and when
needed, ability to obtain the needed approval by certain customers from local gaming authorities to continue their purchase of
gaming chips and plaques from the Hong Kong facility on a timely basis or at all, 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, 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, 2013 filed with
the SEC on March 31, 2014 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.
- financial tables follow -
| Entertainment Gaming Asia Reports Q2 2014 Results, 8/7/2014 |
page 4 |
Entertainment Gaming Asia Inc.
Consolidated Statements of Comprehensive
Income
(Unaudited)
| |
|
Three-Month
Periods
Ended June 30, |
|
|
Six-Month Periods
Ended June 30, |
|
| (amounts in thousands, except per share data) |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming operations |
|
$ |
4,420 |
|
|
$ |
5,034 |
|
|
$ |
8,303 |
|
|
$ |
9,432 |
|
| Gaming products |
|
|
524 |
|
|
|
162 |
|
|
|
1,335 |
|
|
|
1,589 |
|
| Total revenues |
|
|
4,944 |
|
|
|
5,196 |
|
|
|
9,638 |
|
|
|
11,021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of gaming operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gaming property and equipment depreciation |
|
|
908 |
|
|
|
1,153 |
|
|
|
1,789 |
|
|
|
2,185 |
|
| Casino contract amortization |
|
|
612 |
|
|
|
617 |
|
|
|
1,222 |
|
|
|
1,238 |
|
| Other gaming related intangibles amortization |
|
|
63 |
|
|
|
63 |
|
|
|
126 |
|
|
|
126 |
|
| Other operating costs |
|
|
895 |
|
|
|
869 |
|
|
|
1,740 |
|
|
|
1,670 |
|
| Cost of gaming products |
|
|
925 |
|
|
|
546 |
|
|
|
2,413 |
|
|
|
2,041 |
|
| Selling, general and administrative expenses |
|
|
1,098 |
|
|
|
1,328 |
|
|
|
2,579 |
|
|
|
2,823 |
|
| Stock-based compensation expenses |
|
|
69 |
|
|
|
198 |
|
|
|
141 |
|
|
|
445 |
|
| Gain on disposition |
|
|
(8 |
) |
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
| Impairment of assets |
|
|
19 |
|
|
|
— |
|
|
|
19 |
|
|
|
— |
|
| Product development expenses |
|
|
101 |
|
|
|
35 |
|
|
|
156 |
|
|
|
155 |
|
| Depreciation and amortization |
|
|
50 |
|
|
|
47 |
|
|
|
99 |
|
|
|
75 |
|
| Total operating costs and expenses |
|
|
4,732 |
|
|
|
4,856 |
|
|
|
10,276 |
|
|
|
10,758 |
|
| Income/(loss) from operations |
|
|
212 |
|
|
|
340 |
|
|
|
(638 |
) |
|
|
263 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense and finance fees |
|
|
— |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
| Interest income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
| Foreign currency gains/(losses) |
|
|
16 |
|
|
|
(247 |
) |
|
|
1 |
|
|
|
(172 |
) |
| Other |
|
|
4 |
|
|
|
7 |
|
|
|
12 |
|
|
|
10 |
|
| Total other income/(expenses) |
|
|
20 |
|
|
|
(241 |
) |
|
|
11 |
|
|
|
(163 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income/(loss) from continuing operations before income tax |
|
|
232 |
|
|
|
99 |
|
|
|
(627 |
) |
|
|
100 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expenses |
|
|
(15 |
) |
|
|
(7 |
) |
|
|
(30 |
) |
|
|
(48 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income/(loss) from continuing operations |
|
|
217 |
|
|
|
92 |
|
|
|
(657 |
) |
|
|
52 |
|
| Net loss from discontinued operations, net of tax |
|
|
(239 |
) |
|
|
(378 |
) |
|
|
(395 |
) |
|
|
(2,846 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(22 |
) |
|
$ |
(286 |
) |
|
$ |
(1,052 |
) |
|
$ |
(2,794 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss |
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
| Earnings/(loss) from continuing operations |
|
$ |
0.01 |
|
|
$ |
— |
|
|
$ |
(0.02 |
) |
|
$ |
— |
|
| Loss from discontinued operations, net of tax |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
30,013 |
|
|
|
29,975 |
|
|
|
30,016 |
|
|
|
29,975 |
|
| Diluted |
|
|
30,148 |
|
|
|
30,713 |
|
|
|
30,016 |
|
|
|
30,712 |
|
-more-
| Entertainment Gaming Asia Reports Q2 2014 Results, 8/7/2014 |
page 5 |
Entertainment Gaming Asia Inc.
Consolidated Balance Sheets
| | |
June 30,
2014 | | |
December 31, 2013 | |
| (amounts in thousands, except per share data) | |
(Unaudited) | | |
| |
| ASSETS | |
| | |
| |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 4,664 | | |
$ | 5,301 | |
| Accounts receivable, net | |
| 906 | | |
| 922 | |
| Amount due from a related party | |
| — | | |
| 108 | |
| Other receivables | |
| 103 | | |
| 453 | |
| Inventories | |
| 3,057 | | |
| 1,663 | |
| Assets held for sale | |
| 273 | | |
| — | |
| Prepaid expenses and other current assets | |
| 723 | | |
| 443 | |
| Total current assets | |
| 9,726 | | |
| 8,890 | |
| | |
| | | |
| | |
| Gaming equipment, net | |
| 6,872 | | |
| 8,171 | |
| Casino contracts | |
| 4,218 | | |
| 5,429 | |
| Property and equipment, net | |
| 9,068 | | |
| 7,857 | |
| Goodwill | |
| 358 | | |
| 353 | |
| Intangible assets, net | |
| 755 | | |
| 899 | |
| Contract amendment fees | |
| 180 | | |
| 234 | |
| Prepaids, deposits and other assets | |
| 1,849 | | |
| 1,797 | |
| Total assets | |
$ | 33,026 | | |
$ | 33,630 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 637 | | |
$ | 840 | |
| Amount due to a related party | |
| 20 | | |
| 19 | |
| Accrued expenses | |
| 1,431 | | |
| 2,366 | |
| Customer deposits and other current liabilities | |
| 1,863 | | |
| 457 | |
| Total current liabilities | |
| 3,951 | | |
| 3,682 | |
| | |
| | | |
| | |
| Other liabilities | |
| 721 | | |
| 742 | |
| Deferred tax liability | |
| 199 | | |
| 199 | |
| Total liabilities | |
| 4,871 | | |
| 4,623 | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| Common stock, $.001 par value, 75,000,000 shares authorized; 30,102,162 and 30,024,662 shares issued and outstanding, respectively | |
| 30 | | |
| 30 | |
| Additional paid-in-capital | |
| 33,298 | | |
| 33,156 | |
| Accumulated other comprehensive income | |
| 800 | | |
| 742 | |
| Accumulated losses | |
| (5,974 | ) | |
| (4,922 | ) |
| Total EGT stockholders’ equity | |
| 28,154 | | |
| 29,006 | |
| Non-controlling interest | |
| 1 | | |
| 1 | |
| Total stockholders’ equity | |
| 28,155 | | |
| 29,007 | |
| Total liabilities and stockholders’ equity | |
$ | 33,026 | | |
$ | 33,630 | |
-more-
| Entertainment Gaming Asia Reports Q2 2014 Results, 8/7/2014 |
page 6 |
Entertainment Gaming Asia Inc.
Adjusted EBITDA from Continuing Operations
(Unaudited)
| | |
Three-Month Periods Ended June 30, | | |
Six-Month Periods Ended June 30, | |
| (amounts in thousands) | |
2014 | | |
2013 | | |
2014 | | |
2013 | |
| Net income/(loss) from continuing operations – GAAP | |
$ | 217 | | |
$ | 92 | | |
$ | (657 | ) | |
$ | 52 | |
| Interest expense | |
| — | | |
| 1 | | |
| 2 | | |
| 5 | |
| Interest income | |
| — | | |
| — | | |
| — | | |
| (4 | ) |
| Income tax expenses | |
| 15 | | |
| 7 | | |
| 30 | | |
| 48 | |
| Depreciation and amortization | |
| 1,824 | | |
| 1,954 | | |
| 3,570 | | |
| 3,744 | |
| Stock-based compensation expenses | |
| 69 | | |
| 198 | | |
| 141 | | |
| 445 | |
| Impairment of assets | |
| 19 | | |
| — | | |
| 19 | | |
| — | |
| Gain on disposition | |
| (8 | ) | |
| — | | |
| (8 | ) | |
| — | |
| Adjusted EBITDA from continuing operations | |
$ | 2,136 | | |
$ | 2,252 | | |
$ | 3,097 | | |
$ | 4,290 | |
Adjusted EBITDA is earnings from continuing
operations 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.
- more –
| Entertainment Gaming Asia Reports Q2 2014 Results, 8/7/2014 |
page 7 |
| Gaming Operations |
| Net Revenue to EGT (in thousands) |
|
Q2:14 |
|
|
Q2:13 |
|
|
Y/Y ∆ |
|
| Cambodia |
|
$ |
3,350 |
|
|
$ |
3,975 |
|
|
|
-16 |
% |
| Philippines |
|
$ |
787 |
|
|
$ |
803 |
|
|
|
-2 |
% |
| Service revenue (1) |
|
$ |
283 |
|
|
$ |
256 |
|
|
|
11 |
% |
| Consolidated |
|
$ |
4,420 |
|
|
$ |
5,034 |
|
|
|
-12 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Average Daily Net Win per Unit (2) |
|
|
Q2:14 |
|
|
|
Q2:13 |
|
|
|
Y/Y ∆ |
|
| Cambodia |
|
$ |
130 |
|
|
$ |
169 |
|
|
|
-23 |
% |
| Philippines |
|
$ |
76 |
|
|
$ |
74 |
|
|
|
3 |
% |
| Consolidated |
|
$ |
112 |
|
|
$ |
135 |
|
|
|
-17 |
% |
| EGM Seats in Operation |
|
|
6/30/14 |
|
|
|
6/30/13 |
|
|
|
Y/Y ∆ |
|
| Cambodia |
|
|
1,126 |
|
|
|
1,062 |
|
|
|
6 |
% |
| Philippines |
|
|
568 |
|
|
|
570 |
|
|
|
— |
|
| Consolidated |
|
|
1,694 |
|
|
|
1,632 |
|
|
|
4 |
% |
(1) Service revenue represents a reimbursement
of certain casino expenses, which for accounting purposes, is included in the revenue and grossed up in the costs of sales.
(2) Excludes electronic gaming machine
(EGM) seats in operation during venue soft launch opening periods and includes cash payments for venues for which revenue is recognized
on a cash basis. No EGM seats were excluded from the net win calculation for the second quarter of 2014. During the second quarter
of 2013, one venue in Cambodia operated during a soft open. Had these seats been included in the net win calculation, Cambodia
and consolidated net win for this period would have been $157 and $129, respectively.
# # #
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