Asia Entertainment & Resources Ltd. Completes Acquisition of Bao Li Gaming Promotion Limited’s VIP Room at City of Dreams Macau
HONG KONG--(BUSINESS WIRE)-- Asia Entertainment & Resources Ltd. (AERL) (NASDAQ: AERL), which operates through its subsidiaries and related promoter companies as a VIP (VPRS.OB) room gaming promoter, today announced that, through AERL's wholly-owned subsidiary, it has completed the acquisition of 100% of the profit interest in the operations of Bao Li Gaming Promotion Limited (BLGP), a Macau-based VIP room gaming promoter that currently operates one room with five tables at City of Dreams Macau, a Melco Crown property.
The acquisition closed earlier than expected due to the seller satisfying all closing conditions, which were confirmed by AERLs attorneys on September 12. Also, as a result of the acquisition closing on September 12, and in accordance with the terms of the purchase agreement, AERL has the right to all of the profit interest of BLGP dating back to September 1.
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 Bao Li Gaming, we can further expand our presence in the Macau VIP gaming market, ultimately providing our shareholders with long-term value, said AERL Chairman Lam.
About Asia Entertainment & Resources Ltd.
AERL, formerly known as CS China Acquisition Corp., acquired Asia Gaming & Resort Limited ("AGRL") on February 2, 2010. AERL is an investment holding company which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, and is entitled to receive all of the profits of the VIP gaming promoters from VIP gaming rooms. AERL's VIP room gaming promoters currently participate in the promotion of four major luxury VIP gaming facilities in Macau, China, the largest gaming market in the world. One VIP gaming room is located at the top-tier 5-star hotel, the Star World Hotel & Casino in downtown Macau, and another is located in the luxury 5-star hotel, the Galaxy Macau" Resort in Cotai, each of which is operated by Galaxy Casino, S.A. Additional VIP gaming rooms are located at the Venetian Macao-Resort-Hotel and City of Dreams Macau, both in Cotai.
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of AERL's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements.
James Preissler, 646-450-8808
William Schmitt, 203-682-8294
Source: Asia Entertainment & Resources Ltd.Copyright Business Wire 2012