A 41 percent increase in consolidated revenue has been reported by Pan-Asia focused Entertainment Gaming Asia Inc. for the 2015 fiscal year, at $31.5 million. The company attributes the rise to increases in gaming product business divisions and gaming operations, according to Asia Gaming Brief.
Revenue for gaming operations increased by 11 percent to 18.1 million for the year, and average consolidated daily net win per unit was up 16 percent to $122. The Melco International Development Limited subsidiary said the increases could be attributed to improvements in the Cambodian operations. Compared to $6.0 million in 2014’s fiscal year, revenue from gaming products in 2015 was $13.4 million. The reasons cited for the high performance were existing customer reorders and new casino openings. In the 2015 fiscal year, adjusted EBITDA was reported at $11.2 million compared to $5.1 million in 2014.
Also reported by the company was a net income of $820,000, which compares to fiscal year 2014’s net loss of $2.8 million. The net income increase resulted from “significant improvement in gaming products sales and gross margin, an increase in gaming operations revenue and a reduction in SG&A expenses.”
Chairman and Chief Executive Officer of Entertainment Gaming Asia, Clarence Chung, commented, “We are pleased to report a profitable 2015 fiscal year driven by strong gaming operations revenue, record gaming products performance, and cost controls. We accomplished this despite incurring approximately $3.0 million in non-cash charges associated with both impairments of certain gaming operations assets and the loss on disposal of obsolete equipment for the gaming products division in the fourth quarter.”
Chung added, “As a result of this solid performance, we have increased our cash position by nearly $13.4 million in the 2015 fiscal year to $30.7 million as of December 31, 2015. We are focused on utilizing these resources to secure projects in new and existing markets with the goal of fueling long-term growth for the Company.”