Wall Street Transcript Interview with Clarence Yuk Man Chung, Chairman and CEO of Entertainment Gaming Asia Inc. (EGT)
67 WALL STREET, New York - November 27, 2013 - The Wall Street Transcript has just published its Gaming and Leisure Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: U.S. Regional and Emerging Market Hospitality - Gaming Opportunities In Asian Markets - Macau VIP and Mass Market Gaming - Lodging C-Corporations - Timeshare Industry Recovery - Regional Casino Development
Companies include: Entertainment Gaming Asia Inc. (EGT) and many more.
In the following excerpt from the Gaming and Leisure Report, the Chairman and CEO of Entertainment Gaming Asia Inc. (EGT) discusses company strategy and his outlook for this vital industry:
TWST: Another thing you've talked about is improvements to your financial flexibility and balance sheet. Can you give us a sense of how you've done that?
Mr. Chung: When I first took over we were in an EBITDA-negative situation, and we had approximately $12 million of debt on the balance sheet. With a refined and improved operating model, we have enhanced our ability to generate quality cash flow from our operations, and we've consistently had positive EBITDA in the $8 million to $12 million range over the last three years. This cash flow has allowed us to invest in growing our businesses and to pay down all our debt. We have been debt-free since December 2012.
As of the end of our September 2013 quarter, we had well over four of million dollars in cash, and we are focused on growing our cash balance on a monthly basis. We are gradually building up our war chest to invest in new projects.
TWST: You just reported results on November 5. What are some of the key numbers that you'd highlight, and what kind of message were you hoping to impart to investors on that call?
Mr. Chung. We faced some temporary challenges in the quarter, which included soft results from our operations in NagaWorld, but we still achieved EBITDA of $1.8 million for the period. In addition, we made progress in our efforts to enhance the potential for our businesses.
Specifically, we focused on ramping up our slot operations for our new Dreamworld property in a dynamic regional gaming market in Cambodia and made progress building a quality player base. We worked on fine-tuning efficiencies and expanding capacity for our gaming production operations, better positioning us to serve the growing gaming markets of Asia and to secure large new orders. And we began to implement a strategic refocusing of Dreamworld Pailin casino, which is intended to improve its earnings...
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
