HONG KONG and BELLINGHAM, Wash., Dec. 15, 2009 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) today confirmed the closing of its investment in Macau VIP is on schedule for mid January 2010.
API announced on November 17th that it signed a Memorandum of Understanding "MOU" to acquire 50.10% interest of a Macau casino 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 (directly across the street from the Wynn Casino) under a VIP Promoter sub-license from Galaxy Entertainment Group.
"Our VIP baccarat club business in Macau is booming and our baccarat tables are full," said Daniel Mckinney, API's CEO. "We expect our tables to be full from now until the end of the Chinese New Year holidays in February 2010."
Baccarat, the favorite game in Macau, generated a record of US$2.7 billion in gross receipts in the third quarter of this year, representing a 26% increase over Q3 2008. Casinos drew 89.1% of their total receipts from VIP gaming compared to 87.3% in 2008, according to the Gaming Inspection and Coordination Bureau.
About Asia Properties, Inc.:
Asia Properties, Inc. was established to develop resorts and prime real estate in Southeast Asia. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 35,474,362 fully diluted shares consisting of 11,965,626 restricted and 23,508,736 free trading. The transfer agent is Transfer Online, Inc. of Portland, Oregon.
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Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.