AERL profit drops sharply

2013-5-27

From：Macau Business

VIP room gaming promoter Asia Entertainment & Resources Ltd recorded a significant profit contraction during the first quarter of this year.

The Nasdaq-listed company announced last week that its net income decreased 55 percent year-on-year to US$7.0 million (MOP56 million) in the first three months of 2013.

“We have started to experience stabilisation in the VIP gaming market which should have a positive impact on our overall long-term performance,” AERL’s chairman Lam Man Pou said in a statement.

Meanwhile, the company has entered into a non-binding memorandum of understanding to acquire a VIP gaming room at Le Royal Arc Casino, which boasts six tables.

AERL expects to close the deal by the end of next month.

The company currently has four VIP rooms in Macau.

Copyright@Macau Business