Home Cambodia Economy

Gamble on casino in Pailin looks like a loser

Jan 27th at 09:27
27-01-2014 09:27:50+07:00

Gamble on casino in Pailin looks like a loser

Crippling revenue and poor gamer numbers have prompted Entertainment Gaming Asia (EGA) to consider walking away from its Dreamworld Casino in Pailin province, according to a filing on the NASDAQ exchange on January 21.

EGA, owned by Melco International Development, runs Dreamworld Casinos in Pailin and Banteay Meanchey provinces.

In the filing, EGA said it would write off its initial $2.5 million investment in the Pailin venture, as it struggles to lure gamers from across the Thai border, and would think about whether or not to stay put in the future.

“The company is reviewing all potential options for the Dreamworld Pailin operations, which include seeking additional leasing contracts with third-party operators, subletting the entire facility or exiting the Dreamworld Pailin operations altogether,” said the statement from EGA, which sells slot machines to NagaWorld in Phnom Penh and the Bokor mountain casino in Kampot province.

EGA recorded a decrease of more than $475,000 between the second quarter and third quarter of 2013 at Dreamworld Pailin. The casino first opened its doors in May of 2012.

phnompenh post

MOST READ

NEWS SAME CATEGORY

Exports consistent for Cambodia’s ag sector
ECONOMY Jan 23rd at 10:52

Exports consistent for Cambodia’s ag sector

Cambodia exported 2.9 million tons of agricultural products last year, roughly the same as 2012, but experts say the figure does not reflect the huge potential for...

Cambodia's economy achieves 7 pct growth last year despite political row: Central bank
ECONOMY Jan 21st at 18:15

Cambodia's economy achieves 7 pct growth last year despite political row: Central bank

Cambodia's economy grew by 7 percent in 2013 even though political row over the July election has still persisted, the National Bank of Cambodia (NBC) said Tuesday.

Trade hurt by political and labour turbulence
ECONOMY Jan 20th at 11:09

Trade hurt by political and labour turbulence

Cambodian trade reached a total of $15.9 billion in 2013, equaling an 18 per cent rise from 2012, according to the Ministry of Commerce.

Retail associations urge talks
ECONOMY Jan 17th at 11:15

Retail associations urge talks

Six major retail, footwear and garment industry associations whose members account for over 90 per cent of garment imports in the US and Canada have called on the...

Slow year for Japanese investment
ECONOMY Jan 16th at 10:55

Slow year for Japanese investment

The Japanese embassy is reporting a $280 million drop in Japanese investment last year, but officials were quick to say that the numbers don't necessarily reflect...

Economic freedom low: report
ECONOMY Jan 15th at 14:17

Economic freedom low: report

Economic freedom in Cambodia worsened over the past year, according to the latest report from the Heritage Foundation, a conservative think tank based in the US.

Vietnam’s investment skyrockets
ECONOMY Jan 14th at 13:53

Vietnam’s investment skyrockets

Political instability has done little to dampen Vietnam’s appetite for investment in Cambodia, the latest figures revealed yesterday by Prime Minister Hun Sen show.

Korean deal gives palm sugar farmers pay day
ECONOMY Jan 9th at 11:04

Korean deal gives palm sugar farmers pay day

Palm sugar farmers in Kampong Speu province will soon export their goods to South Korea, the senior officer of a grower’s network said on Monday.

ILO doubts bleak garment outlook
ECONOMY Jan 8th at 10:30

ILO doubts bleak garment outlook

The International Labour Organization (ILO) yesterday cast doubt on the Garment Manufacturers Association in Cambodia’s (GMAC) bleak outlook for the rest of 2014...

Wage fight ‘to wound’ key sector
ECONOMY Jan 7th at 13:42

Wage fight ‘to wound’ key sector

Garment factories lost out on some $200 million in profits and another $70 million that should have been invested in production since workers walked out on December...

Read More

MOST READ

Back To Top