Asia Entertainment & Resources Ltd. Announces Second Quarter And First Half 2012 Financial Results
Six Month 2012 Highlights
- Rolling Chip Turnover for the six months ended June 30, 2012 in the Company’s VIP gaming rooms was $10.1 billion, up 20% year-over-year, compared to $8.4 billion in the same period of 2011.
- Net income, which includes a gain of $5.9 million for the change in fair value of contingent consideration related to the acquisition of King's Gaming, grew 9.8% to $37.4 million, or $0.88 per share (fully diluted), in the six months ended June 30, 2012 from $34.0 million, or $0.91 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 $34.0 million, or $0.80 per share (fully diluted), for the six months ended June 30, 2012, a 1% increase as compared to income of $33.8 million, or $0.91 per share (fully diluted), for the six months ended June 30, 2011.
Outlook for 2012
For the first six months of 2012, AERL's monthly average Rolling Chip Turnover was $1.7 billion. The Company's Rolling Chip Turnover year-to-date through July 31, 2012 in Macau was $11.4 billion, an increase of 7% year-over-year, compared to $10.6 billion for the first seven months of 2011.
Mr. Lam further stated, “With the tightening of credit over the past few months, as well the uncertainty facing the world economy and especially the slowing economy in China, we believe it is important to be conservative with our guidance. As such, we are lowering our average monthly Rolling Chip Turnover guidance for 2012 from $2.08 billion per month to a range of $1.67 billion to $1.75 billion per month (subject to monthly fluctuations), which equates to a range of $20 billion to $21 billion for full year 2012. Even with the recent developments, we continue to focus on the fundamentals of our business and continue to strive to achieve our previously stated guidance.”
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