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Elixir Gaming currently operates 237 machines at Premier Club at NagaWorld, which have been achieving average win per unit per day (WUD) of over $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.
Clarence Chung, Chairman and Chief Executive Officer of the company, said, "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. 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 electronic gaming machines ("Additional 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 percent / 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.
In consideration for placement of the Additional Machines, Elixir Gaming shall pay a commitment fee of $5.84 million to NagaWorld. Elixir Gaming will be entitled to 100 percent of the WUD from the Additional Machines until it has received the total accumulated WUD of $7.3 million (the commitment fee plus Elixir Gaming's 20 percent share of the WUD). Revenues from the Additional Machines will be settled and collected daily by Elixir Gaming.
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