EGT: Entertainment Gaming Asia.
EGT is 40% owned by the giant Asian gaming conglomerate MelCo-Crown.
MelCo installed one of their top executives as CEO of EGT in 2008 to affect a turnaround of what was then a clearly promising but stale business.
MelCo gave the CEO, Mr Clarence Chung, an MBA graduate of the Kellogg School of Management at Northwestern University, all the time he needed to remake the AMEX/NYSE traded Entertainment Gaming Asia.
Now, nearly 4 years later, the very accomplished Mr. Chung appears to be doing exactly what MelCo asked he do.
Turn the company into a growing and viable stand alone entity and also expand into the fast growing South East Asian casino sector as owner/operators.
Imo, EGT is quite a nice little niche play that is clearly headed in the right direction.
The upcoming catalyst 10-K and live webcast CC to follow on 3/08 will confirm that, imo.
I started accumulating EGT @ .20-.22 when I came across the posts of a very prolific and convincing poster. He made his case based on very solid DD and I am confident he is right.
I am also open to other voices that might see things from a different perspective and certainly would be interested to read a coherent case that offers different insights than the buy-side case.
Absent that, I am quite happy to be sitting on top of a nice chunk of EGT, at a cheap as hell price, awaiting the 3/08 turnaround 10-K, live webcast CC..........and the opening of the first two of the regional casinos now nearing completion.....with hiring for all positions now well under way
Brief bio of the EGT CEO:
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia Inc., joined the company's board in October 2007 and has served as Chairman of the board since August 2008. He was appointed CEO in October 2008. Mr. Chung also serves as a Director of both Melco International Development Ltd., a publicly held company on the Hong Kong Stock Exchange, and of Melco Crown Entertainment Ltd., a publicly held company on the Nasdaq. Mr. Chung has many years of experience working in the financial industry in various capacities as Chief Financial Officer, Investment Banker, and Merger and Acquisitions Specialist. He was named one of the "Asian Gaming 50" for 2009 and 2010 by Inside Asian Gaming magazine. Mr. Chung holds an MBA from the Kellogg School of Management at Northwestern University and is a Member of the Hong Kong Institute of Certified Public Accountants and the Institute of Chartered Accountants in England and Wales
AI
