HONG KONG, S.A.R. - VIP gaming operator, Asia Entertainment and Resources Ltd. (AERL), recently announced another gaming room acquisition in Macau.
AERL, which operates through subsidiaries that promote VIP gaming, said that is has completed the acquisition of "100% of the profit interest in the operations" of King's Gaming Promotion Limited (KGP), a VIP gaming promoter operating a five-table gaming room at the Venetian Macao on the Cotai Strip.
Under the terms of the acquisition, AERL gains rights to the all profit interest of KGP dating back to November 1.
KGP has successfully maintained a monthly rolling chip turnover of about HK$ 1 billion (US$ 129 million) for the past 10 months under a fixed commission of 1.25%.
According to AERL Lam Man Pou:
"The addition of this VIP gaming room will enhance our ability to serve our existing customers, and by combining our operations and network of agents with that of King's Gaming, we can expand our presence in the Macau VIP gaming market into the Cotai Strip, ultimately providing our shareholders with long-term value. The acquisition, combined with our recent successful warrant redemption and capital raise, has positioned us well for future growth."
The AERL acquisition of KGP puts the company on track to meet its 2011 Rolling Chip Turnover target of US$ 1.15 billion per month and full year net income of about US$ 50 to 60 million.
Source: TradingMarkets.com
Date Posted: November 18, 2010
