Asia Entertainment & Resources Ltd. Provides Update On Hong Kong Listing
Asia Entertainment & Resources Ltd. (“AERL”) (NASDAQ:AERL), which
operates through its subsidiaries and related promoter companies that
act as VIP room gaming promoters, today announced that due to unforeseen...
Asia Entertainment & Resources Ltd. (“AERL”) (NASDAQ:AERL), which operates through its subsidiaries and related promoter companies that act as VIP room gaming promoters, today announced that due to unforeseen circumstances may have to delay its planned listing on the Hong Kong exchange. The company was recently informed that the sponsor’s principal who is in charge of our Hong Kong listing application has unexpectedly passed away at home. Such unfortunate development was completely unanticipated and resulted in complications for the Hong Kong dual listing application which has otherwise been progressing according to plan. As a consequence of this event, a new sponsor’s principal would need to be appointed in order for the project to proceed. The role of sponsor’s principal in the sponsor’s team in charge of the project is critical as he or she is in charge of the overall project execution including directing the due diligence exercise to the satisfaction of Hong Kong regulatory authorities. Failure of such sponsor’s principal to fulfill his or her duty may lead to misleading statements or material omissions relating to a listing applicant being presented to investors which could result in potential criminal or civil liability for the sponsor firm and also personal liability for the sponsor’s principal. As such, the sponsor is currently reviewing the situation and is expected to provide, within a reasonable time, a replacement sponsor’s principal who would carry on all the relevant due diligence work relating to our listing application in order to be satisfied that our application is ready to be filed. Such developments may unavoidably create certain delays for our listing application timetable and the company is still assessing the potential impacts and we will keep the investors updated on further developments on the filing About Asia Entertainment & Resources Ltd. AERL is a holding company which operates through its subsidiaries and related promoter companies that act as VIP room gaming promoters, 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 five 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 StarWorld 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 Sands Cotai Central and City of Dreams Macau, both in Cotai, and Le Royal Arc Casino, located in NAPE, Downtown Macau.