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 and unreviewed financial results for the three months ended March 31, 2012. All currency amounts are stated in United States dollars.
- Rolling Chip Turnover for the three months ended March 31, 2012 in the Company’s VIP gaming rooms was $5.4 billion, up 32% year-over-year, compared to $4.1 billion in the same period of 2011.
- Net income, which includes a charge of $1.8 million for the change in fair value of contingent consideration related to the acquisition of King's Gaming, grew 19% to $15.3 million, or $0.36 per share (fully diluted) in the first quarter of 2012 from $12.9 million, or $0.37 per share (fully diluted) in the same period of 2011.
- 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 $18.4 million, or $0.43 per share (fully diluted) for the three months ended March 31, 2012, an 11% increase as compared to income of $16.5 million or $0.48 per share (fully diluted) for the three months ended March 31, 2011.
The increase in net income and Non-GAAP income in the period 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 for additional cage capital and the opening of the VIP gaming room at the Galaxy Macau™ in May 2011.
Mr. Man Pou Lam (Mr. Lam), Chairman of AERL, stated, "We are pleased with our first quarter 2012 performance, which resulted from our ability to increase Rolling Chip Turnover for our VIP gaming rooms and the addition of a VIP room at the Galaxy Macau™. In the first quarter of 2012, AERL generated 31% year-over-year revenue growth, exceeding overall gross gaming revenue growth in Macau of 27% and growth in overall Macau VIP Baccarat of 24%, according to the Macau Gaming Inspection and Coordination Bureau. We continue to expect additional Rolling Chip Turnover and revenue growth in 2012."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV