ELIXIR ENTERS INTO DEAL WITH NAGAWORLD TO PLACE PARTICIPATION GAMING MACHINES
Elixir Gaming Technologies, a provider of gaming technology solutions to the Pan-Asian gaming industry, has entered into a contract with NagaWorld Limited, a wholly owned subsidiary of the Hong Kong-listed NagaCorp Ltd., to place an additional 200 electronic gaming machines on a participation basis at its NagaWorld casino resort, the only licensed five-star hotel-casino resort in Phnom Penh, the capital of Cambodia. It also has an option to place a further maximum of 200 machines by the end of the year.
Elixir Gaming currently operates 237 machines at Premier Club at NagaWorld, which have been achieving average win per unit per day (WUD) of more than $200 during May, June, and month to date in July. NagaWorld is a five-star hotel luxury casino resort in Cambodia and is the only licensed full service casino in and around the capital city of Phnom Penh.
“We are pleased to work with NagaWorld to expand its slot floor operations and to further strengthen our existing relationship with such a well-established gaming operator with a proven track record of operating excellence, deep industry experience, and extensive local market knowledge,” said Clarence Chung, chairman and chief executive officer of Elixir. “Given NagaWorld’s position as the exclusive casino license holder in the Phnom Penh area and our demonstrated success at Premier Club at NagaWorld, we feel confident that we can continue to drive strong growth in participation revenues with these additional placements.”
Under the terms of the agreement, Elixir Gaming will place 200 additional electronic gaming machines in a prescribed area of NagaWorld’s public casino floor of the casino wing and will share in the gross revenue generated by each of these machines. Elixir Gaming and NagaWorld will have joint control over the operation of the electronic gaming machines, including floor staff and respective audit rights. Elixir Gaming and NagaWorld will share the revenue and certain operating costs, such as marketing and floor staff, at a 20/80 percent split, respectively.
Elixir Gaming anticipates the additional machines, which will be predominantly sourced from the company’s existing inventory, to be in operation within the third quarter.