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Asia Entertainment & Resources Ltd. Announces Fourth Quarter And Full Year 2011 Financial Results

Asia Entertainment & Resources Ltd. (“AERL” or the “Company”) (NASDAQ: AERL), which operates through its subsidiaries and related promoter companies as VIP room gaming promoters, today announced unaudited financial results for the three months and year ended December 31, 2011. All currency amounts are stated in United States dollars. Please refer to Form 20-F to be filed with the SEC for the full audited financial statements and related disclosures for the year ended December 31, 2011.

  • Rolling Chip Turnover (a metric used by casinos to measure the aggregate amount of players’ bets and overall volume of VIP gaming room business transacted that is defined below) for the year ended December 31, 2011 in our VIP gaming rooms was $19.9 billion, up 91% year-over-year, compared to $10.4 billion in the same period of 2010 and $5.6 billion for the three months ended December 31, up 51% year-over-year, compared to $3.7 billion in the same period of 2010.
  • Net income including the change in fair value of contingent consideration of $6.2 million related to the King's Gaming acquisition, grew 134% to $77.3 million or $2.00 per share (fully diluted) in the year ended December 31, 2011 from $33.0 million or $1.88 per share (fully diluted) in the same period of 2010.
  • Non-GAAP income before amortization of intangible assets and the change in fair value of contingent consideration related to the acquisition of King's Gaming was $76.1 million or $1.97 per share (fully diluted) for the year ended December 31, 2011 as compared to income, of $38.1 million or $2.17 per share (fully diluted) for the year ended December 31, 2010. The increase in Non-GAAP income was approximately 99%.
  • Net income including the change in fair value of contingent consideration of $2.1 million related to the King's Gaming acquisition, grew 54% to $16. 3 million or $0.38 per share (fully diluted) in the fourth quarter of 2011 from $10.6 million or $0.33 per share (fully diluted) in the same period of 2010.
  • Non-GAAP income before amortization of intangible assets and the change in fair value of contingent consideration related to the acquisition of King's Gaming was $19.8 million or $0.46 (fully diluted) for the three months ended December 31, 2011 as compared to income of $11.5 million or $0.36 (fully diluted) for the three months ended December 31, 2010. The increase in Non-GAAP income was approximately 72%.

The increase in net income and Non-GAAP income in each of the periods was due primarily to higher revenue generated from increased Rolling Chip Turnover, organic growth, the reinvestment of accumulated earnings, increased lines of credit from the casino license holders, increased shareholder loans, the $35.5 million from the exercise of warrants in October 2010 as additional cage capital and the acquisition of the VIP gaming room at the Venetian Macao-Resort-Hotel in connection with the Company’s acquisition of King’s Gaming and the opening of the VIP gaming room at Galaxy Resort Macau in May 2011.

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