Cash balance was $14.3 million as of September 30, 2011 compared to $10.2 million as of December 31, 2010. It is going up Quarter after Quarter after paying for CAPEX spending.
Recent agreement to increase revenue sharing in one of the Company’s most promising participation venues in the Philippines is expected to improve market positioning and long-term overall returns of its Philippine gaming participation operations.
A healthy adjusted EBITDA run rate of approximately $1 million per month
EGT has recently secured several new customers including one in the Indo-China region, which is expected to contribute approximately $350,000 in revenue in the first quarter of 2012, and one in Macau.
The Company continues to focus on initiatives to improve its strategic positioning and overall returns for its core gaming participation operations. In October, the Company announced an agreement related to the San Pedro VIP Club, one of its best performing venues in its Philippine gaming participation operations. This agreement enables the Company to work directly with the government operator Philippine Amusement and Gaming Corporation (PAGCOR) and serves to increase the Company’s revenue sharing rights to 35% from 17% of net win and its control over marketing strategies in this venue.. It is retro actively effective from August 2011 and it was not reflected in last quarter's numbers as the deal was not finalized.
Casino Development Update
The Company continues to make progress in the pre-construction phase of its Dreamworld Casino Pailin and Dreamworld Casino Kampot projects. For the Pailin project, located in the Pailin Province of Cambodia near the Thailand border, the necessary gaming license and construction permit have been obtained and the Company is preparing to begin construction by the end of the year. Based on the current construction timeline for this project, the Company expects that the initial phase of the casino, which is intended to include up to 23 table games and 40 EGM seats, to be operational in the second quarter of 2012. With improved soil conditions post the heavy rainfall during monsoon season and the receipt of the necessary government approval, the Company is working to complete the land-fill process for the Kampot project, located in the Kampot Province of Cambodia near the Vietnam border. The initial phase of the casino, which is intended to include up to 14 table games and 25 EGM seats, is expected to be operational in the second quarter of 2012 shortly following the opening of the Pailin project.
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