HONG KONG--(BUSINESS WIRE)--Asia Entertainment & Resources Ltd. (“AERL”) (OTCBB: CSAQF) (OTCBB: CSAXF), a VIP Room gaming promoter, today announced unaudited rolling chip turnover (as defined below) for January 2010. Rolling chip turnover for the month of January 2010 was US$653.4 million, up 137% year-over-year, compared to US$275.5 million for the month of January 2009. AERL Chairman Lam commented, “as a newly public company we are pleased to report our first month of Rolling Chip Turnover, and we hope to continue to expand our marketshare of the VIP baccarat market."
The strong month for AERL comes in the midst of a record month for gaming in Macau with overall gaming revenue reaching 14 billion patacas (US$1.8 billion) for the month of January 2010, up over 60% year-over-year, according to the Portuguese news agency Lusa. This total exceeds the previous monthly record for Macau gaming recorded in October 2009 of 12.6 billion patacas. AERL’s VIP rooms are primarily focused on high stakes baccarat. Baccarat accounts for approximately 88% of total Macau casino winnings.
Definition of Rolling Chip Turnover
Rolling Chip Turnover is used by casinos to measure the volume of VIP business transacted and represents the aggregate amount of bets players make. Bets are wagered with "non-negotiable chips” and winning bets are paid out by casinos in so-called "cash” chips. "Non-negotiable chips” are specifically designed for VIP players to allow casinos to calculate the commission payable to VIP room gaming promoters. Commissions are paid based on the total amount of "non-negotiable chips” purchased by each player. VIP room gaming promoters therefore require the players to "roll,” from time to time, their "cash chips” into "non-negotiable” chips for further betting so that they may receive their commissions (hence the term "Rolling Chip Turnover”). Through the promoters, "non-negotiable chips” can be converted back into cash at any time. Betting using rolling chips, as opposed to using cash chips, is also used by the DICJ (Macau Gaming Control Board) to distinguish between VIP table revenue and mass market table revenue.
About Asia Entertainment & Resources Ltd.
AERL, formerly known as Asia Gaming & Resort Limited (“AGRL”), was created by the acquisition of AGRL by CS China Acquisition Corp. on February 2, 2010. The principal business activities of its wholly owned subsidiaries are to hold Profit Agreements with VIP Room gaming promoter companies ("Promoters") and to receive 100% of the profit streams from the Promoters. The Promoters currently participate in the promotion of two major luxury VIP gaming facilities ("VIP rooms") in Macau, China, the largest gaming market in the world. One of the Macau VIP rooms is located at the top-tier MGM Grand Macau Casino in downtown Macau and is operated by the MGM Grand Paradise S.A. Another Macau VIP gaming facility is operated by Galaxy Casino, S.A. and is located in the luxury 5-star hotel, the Star World Hotel & Casino in downtown Macau. In addition, the Promoters plan to promote the first luxury VIP room in Jeju Island in South Korea, which will offer Macau-style gaming, and have concluded a favorable trial operation there.
Forward Looking Statements
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 CS China's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.