8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 12, 2011

Gaming Partners International Corporation

(Exact name of registrant as specified in its charter)

Nevada	0-23588	88-0310433
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

1700 Industrial Road, Las Vegas, Nevada	89102
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (702) 384-2425

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of a press release dated May 12, 2011 reporting the Company’s financial results for the three months ended March 31, 2011.  The information set forth under this Item 2.02 is intended to be furnished under this Item 2.02.  Such information, including Exhibit 99.1 attached to this Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1     Press release dated May 12, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Gaming Partners International Corporation
Date:  May 12, 2011
	By:	/s/ Gerald W. Koslow
		Gerald W. Koslow Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Press release dated May 12, 2011.

EX-99.1

Exhibit 99.1

Gaming Partners International Reports Financial Results

for the First  Quarter of 2011

Las Vegas, Nevada, May 12, 2011 – Gaming Partners International Corporation (Nasdaq: GPIC), a leading worldwide provider of casino currency and table gaming equipment, today announced financial results for the first quarter ended March 31, 2011.

For the first quarter of 2011, the Company posted revenues of $17.8 million and net income of $1.7 million, or $0.21 per basic and diluted share. These results compare to revenues of $10.9 million and net income of $37,000, or $0.00 per basic and diluted share, for the first quarter of 2010. Gross profit for the quarter was $6.3 million, or 35% of revenues, compared to $3.7 million, or 34% of revenues, for the first quarter of 2010.

The primary reason for the significant increase in first quarter 2011 net income was comparably higher sales of chips to casinos in Macau.

The Company ended the quarter with $30.8 million in cash, cash equivalents and marketable securities, as well as $7.1 million in debt.

“We are pleased with our strong first quarter results, due to delivery of a significant chip order for the pending Galaxy Macau casino opening,” commented Greg Gronau, GPIC President and Chief Executive Officer.  “Given projected casino openings and our sales backlog for 2011, revenues and earnings in the next three quarters may not reach the same levels that we saw in the first quarter.”

About Gaming Partners International Corporation (GPIC)

GPIC manufactures and supplies casino table games and equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bud Jones®, and Bourgogne et Grasset®, GPIC provides casino currency such as chips, plaques and jetons; casino tables, furniture and accessories; table layouts; playing cards; precision dice;  roulette wheels; and gaming-related RFID technology and applications.  Headquartered in Las Vegas, Nevada, GPIC has additional locations in Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey; Gulfport, Mississippi; and Macau S.A.R. China.  For additional information, please visit www.gpigaming.com.

Safe Harbor Statement

This release contains “forward-looking statements” based on current expectations involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; the long-term growth and prospects of our business or any jurisdiction; the duration or effects of unfavorable economic conditions which may reduce our product sales; and the long term potential of the RFID gaming chips market and the ability of GPIC to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. GPIC’s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing and its ability to consummate acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the period ended December 31, 2010, all of which are difficult or impossible to predict accurately and many of which are beyond its control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

For more information please contact:

Gerald W. Koslow, Chief Financial Officer

+1.702.384.2425

jkoslow@gpigaming.com

# # #

GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

 (unaudited)

(in thousands, except share amounts)

	March 31,			December 31,
	2011			2010
ASSETS
Current Assets:
Cash and cash equivalents	$	10,298		$	11,400
Marketable securities		20,489			18,350
Accounts receivable, net		8,567			6,838
Inventories		7,713			7,160
Prepaid expenses		736			790
Deferred income tax asset		490			949
Other current assets		1,249			1,578
Total current assets		49,542			47,065
Property and equipment, net		12,151			11,926
Intangibles, net		730			782
Deferred income tax asset		1,525			1,108
Inventories, non-current		478			496
Other assets, net		451			430
Total assets	$	64,877		$	61,807
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Short-term debt	$	7,119		$	6,696
Accounts payable		2,834			3,216
Accrued liabilities		6,666			6,204
Customer deposits		3,164			3,919
Income taxes payable		728			273
Total current liabilities		20,511			20,308
Long-term debt		28			32
Deferred income tax liability		542			491
Other liabilities		44			41
Total liabilities		21,125			20,872
Stockholders' Equity:
Preferred stock, authorized 10,000,000 shares, $.01 par value,
none issued or outstanding		-			-
Common stock, authorized 30,000,000 shares, $.01 par value,
8,199,016 issued and outstanding		82			82
Additional paid-in capital		19,254			19,196
Treasury stock, at cost; 8,061 shares		(196	)		(196	)
Retained earnings		21,998			20,269
Accumulated other comprehensive income		2,614			1,584
Total stockholders' equity		43,752			40,935
Total liabilities and stockholders' equity	$	64,877		$	61,807

GAMING PARTNERS INTERNATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)

	Three Months Ended
	March 31,
	2011		2010
Revenues	$	17,821	$	10,945
Cost of revenues		11,569		7,274
Gross profit		6,252		3,671
Marketing and sales		1,198		1,086
General and administrative		2,552		2,594
Operating income (loss)		2,502		(9	)
Other income and (expense)		110		63
Income before income taxes		2,612		54
Income tax provision		883		17
Net income	$	1,729	$	37
Earnings per share:
Basic	$	0.21	$	0.00
Diluted	$	0.21	$	0.00
Weighted-average shares of common stock outstanding:
Basic		8,199		8,199
Diluted		8,220		8,203