Asia Entertainment & Resources Ltd (NASDAQ: AERL) says it achieved unaudited rolling chip turnover of US$1.756 billion in its Macau casino VIP rooms in December—up 31% year-on-year on the US$1.339 billion it achieved in December 2010. The Macau market as a whole (including mass-market tables and slots) grew by 25% in revenue terms during the same period.
AERL operates through its subsidiaries and related companies as a VIP promoter at three major Macau venues—Galaxy StarWorld, Galaxy Macau and The Venetian Macao
For the whole of 2011, AERL says its rolling chip turnover was US$19.932 billion—an average of US$1.661 billion per month—up 91% year-on-year. Macau’s total gross gaming revenue (including the mass market and slots) increased 42% for 2011. In 2010 however, AERL was starting from a relatively low base compared to the whole VIP market as it was the first full year of Macau high roller operations under the company’s current structure.
“While we are pleased that we continue to outperform the Macau industry figures, December 2011 results were affected by a lower than anticipated chips turnover during the final ten days of the month for the company as well as Macau in general,” said Lam Man Pou, AERL’s Chairman.
“However, our [debt] collection period, or days sales outstanding, remains stable and averages under 30 days. We expect our business would continue to grow in 2012 and generate strong earnings for our shareholders.”
AERL says in 2010 it turned over US$10.423 billion—an average of US$869 million per month.
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