Asia Properties Signs MOU for Sing Hou VIP Club Share Acquisition
Asia Properties Incorporated announced on November 19th, 2009 that it has finalized a Memorandum of Understanding (MOU) to acquire 50.13 percent of a Macau casino VIP club. Sing Hou VIP Club or "Sing Hou", which is located in Star World Hotel has been in operation since November last year under a VIP Promoter sub-license from Galaxy Entertainment Group.
Sing Hou manages VIP baccarat gaming table and has an aggressive gaming expansion planned for 2010. A spike of activity at Macau's baccarat gaming tables has pushed casino gaming revenues to a record HK$11.27 billion (or US$1.45 billion) in August 2009. The game of baccarat accounts for eighty-eight percent of total Macau casino winning in the year to September and gaming revenues are up by fifty-three percent this year.
API's Chief Executive Officer Daniel McKinney said that he is pleased to inform the shareholders of API that they are acquiring management of a well-known Macau VIP club casino at the higher end and most profitable sector of the gaming market.
The Macau gambling market is considered the biggest in the world and API plans to become an important player in the VIP sector through this gaming acquisition. Unlike the Sands casino or Wynn Casino, API is 100% Macau gaming play. The casino acquisition will be for restricted market shares and is anticipated to close before January 17th, 2010. Shareholders will be advised of the details of the acquisition after the closing.
Wednesday, February 24, 2010