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Asia Entertainment & Resources Ltd. (“AERL” or the “Company”) (NASDAQ: AERL), which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, is providing an update on seeking a dual listing in Hong Kong. The investment bank engaged to assist with the process has completed its due diligence and has submitted the pre-IPO enquiry letter to the Stock Exchange.
The Letter provides the Stock Exchange with certain information about the Company and asks the Stock Exchange whether it anticipates there being any issue with the Company listing on the Stock Exchange once a formal application is made. The Company anticipates receiving a response to the Letter within 60 days. Assuming that the Company receives a satisfactory response from the Stock Exchange to the Letter, the Company anticipates filing a formal listing application in the fourth quarter of 2012 and plans to list in the first half of 2013, assuming no delays. The Company will retain UHY as its auditor to comply with filing requirements in the U.S. and will engage a top-four auditor from Hong Kong to comply with listing requirements in Hong Kong.
About Asia Entertainment & Resources Ltd.
AERL, formerly known as CS China Acquisition Corp., acquired Asia Gaming & Resort Limited (“AGRL”) on February 2, 2010. AERL is an investment holding company which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, and is entitled to receive all of the profits of the VIP gaming promoters from VIP gaming rooms. AERL’s VIP room gaming promoters currently participate in the promotion of three major luxury VIP gaming facilities in Macau, China, the largest gaming market in the world. One VIP gaming room is located at the top-tier 5-star hotel, the Star World Hotel & Casino in downtown Macau, and another is located in the luxury 5-star hotel, the Galaxy Macau
™ Resort in Cotai, each of which is operated by Galaxy Casino, S.A. The third VIP gaming room is located at the Venetian Macao-Resort-Hotel in Cotai.
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 AERL's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.