Asia Properties Inc. to Close off Investment in Macau VIP
Asia Properties Incorporated (API) confirmed on December 15th, 2009 that the closing of its investment in Macau VIP is on schedule for January 2010.
API also announced that it had finalized a MOU (Memorandum of Understanding) to acquire 50.10% interest of a Macau gaming facility VIP Club from Peak Winner Holdings Limited ("Peak Winner").
Peak Winner has a profit share interest in Sing Hou VIP Club ("Sing Hou") located in the StarWorld Hotel under a VIP Promoter sub-license from Galaxy Entertainment.
Daniel McKinney, API's Chief Executive Officer, said that their VIP baccarat club business in the former Portuguese colony is growing and their baccarat tables are always full.
McKinney said that they expect their baccarat tables to be full until the Chinese New Year holidays in February 2010. Baccarat, which is the favorite casino game in Macau, produced a record of $2.7 billion in gross earnings in the 3rd quarter of 2009, representing a 26 percent increase over the third quarter of 2008.
The Gaming Inspection and Coordination said that casino facilities drew 89.1 percent of their total receipts from VIP gaming compared to 87.3% in 2008.
Monday, February 22, 2010