Logo of Phnom Penh Post newspaper Phnom Penh Post - Agreement on gaming machines lifts Elixir

Agreement on gaming machines lifts Elixir

Agreement on gaming machines lifts Elixir

ELIXIR Gaming Technologies Inc saw its stock price rise to an April high on Friday after agreeing to provide 60 gaming machines to a Cambodian casino last week, further strengthening its presence in the Kingdom.

The Las Vegas-based company entered into a contract to install 60 gaming units in the new Grand Golden casino, near the Vietnam border in Kampong Cham province, according to a press statement issued early last week.

It also secured an order, valued at US$340,000, to supply gaming plaques and chips for Melco Crown Entertainment’s City of Dreams casino resort in Macau. The announcements saw share prices climb steadily on the New York Stock Exchange to $0.26 a share at close Friday, a high for April.

The deal with Grand Golden Co Ltd is the latest move by Elixir to consolidate its position in Cambodia, which Chairman and CEO Clarence Chung described in the announcement as “a key market”.

"Given the contracted 60 machines are expected to be sourced primarily from our current inventory, capital expenditures for this project should be minimal,” said Chung, who did not detail the exact cost of the deal.

The importance of the Kingdom for Elixir was illustrated in its fourth quarter results, released in March.

Statements detailing its Q4 finances said total revenues improved 26 percent on quarter three to $4.5 million. A large proportion of revenue was garnered from 560 slot machines at NagaWorld in Phnom Penh, where revenues soared to $1.5 million from $1.1 million.

The deal with Grand Golden Co Ltd, whose owners Chung described as “established gaming operators in the Indo-China region”, is set to come into place in November, following renovations to the casino floor. Elixir will receive a proportion of winning profits while the five-year contract is in place. It will take on 30 percent of revenue and marketing costs, with Grand Golden taking 70 percent.

MOST VIEWED

  • Gov’t not using EU aid for poor

    Prime Minister Hun Sen on Tuesday refuted as “baseless”, claims that the government had used financial aid from the EU to implement the programme to identify and support poor and vulnerable people during the Covid-19 pandemic. The prime minister was responding to Roth Sothy, a

  • Thai fence said to prevent illegal crossing

    Battambang and Banteay Meanchey provincial police say Thailand is not invading Cambodia after a series of social media posts about fences being built on the border raised alarms. Banteay Meanchey police chief Ath Khem said on Tuesday the information on social media on Sunday and

  • PM to vet NY holiday dates

    The Ministry of Economy and Finance submitted a letter to Prime Minister Hun Sen asking him to formally set a five-day national holiday from August 17-21 to make up for the Khmer New Year holiday in April that was postponed. Finance minister Aun Pornmoniroth sent

  • Cambodia rejects UN rights claim

    Cambodia's Permanent Mission to the UN Office in Geneva on Friday hit back at David Kaye, the UN special rapporteur on the Promotion and Protection of the Right to Freedom of Opinion and Expression after he raised concerns over the repression of free speech and

  • Snaring may spawn diseases

    The World Wildlife Fund (WWF) has warned that snaring of animals has become a crisis that poses a serious risk to wildlife in Southeast Asia and could spawn the transmission of zoonotic diseases to humans. Its July 9 report entitled Silence of the Snares: Southeast Asia’

  • Ex-party leader, gov’t critic named as secretary of state

    A former political party leader known for being critical of the government has been appointed secretary of state at the Ministry of Rural Development, a royal decree dated July 9 said. Sourn Serey Ratha, the former president of the Khmer Power Party (KPP), told The Post

  • Residence cards set for over 80,000 immigrants

    The Ministry of Interior plans to grant residence cards to more than 80,000 immigrants to better keep track of them. The ministry announced the plan on July 10, following the results of an immigration census. “An inter-ministerial committee and many operational working groups have been set up

  • Kingdom produces PPE gear

    Medical supplies from Cambodia have been donated to member countries of the Asian Development Bank (ADB) to assist in the fight against Covid-19, said an ADB report published on July 9. The report stated that the supplies were donated as a response to global efforts to

  • Kingdom, US vow stronger ties

    At an academic forum on Saturday to celebrate 70 years of Cambodia-US diplomatic ties, Cambodian researchers and officials expressed hope of encouraging US investments and for that country to deepen and improve its bilateral relations. Held at the Royal Academy of Cambodia, it reviewed the past 70

  • ‘Single Portal’ integrated registration system welcomes nearly 50 firms

    Forty-seven companies have successfully registered via a newly-launched information technology e-business registration platform as of the end of the second week of this month, Ministry of Economy and Finance secretary of state Phan Phalla said. Six ministries and state-run institutions have been integrated into a