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Asia Entertainment & Resources Ltd. (“AERL”) (NASDAQ: AERL), which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, today announced that for the fourth quarter of 2012 (specifically from when the blackout period ended on November 20 until December 31), the Company repurchased 1,011,600 shares at an average price of $3.17 per share under its share repurchase program.
For the full year 2012 under the current repurchase program, the Company repurchased and retired 1,273,947 shares. The share repurchase program, which expires June 30, 2013, authorizes the Company to further purchase up to an additional 726,053 of its ordinary shares on the open market at prices to be determined by the Company’s management.
“We expect to continue to be opportunistic purchasers of our shares when doing so will provide an increase in immediate shareholder value,” said AERL Chairman Lam. “Further, we will continue to explore additional strategies to grow our business and create value for our shareholders.”
About Asia Entertainment & Resources Ltd.
AERL is a 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 four 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. Additional VIP gaming rooms are located at the Venetian Macao-Resort-Hotel and City of Dreams Macau, both 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.