HONG KONG and BELLINGHAM, Wash., Nov. 24, 2009 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today the terms in which it signed a Memorandum of Understanding "MOU" on November 17, 2009, to acquire 50.13% of Sing Hou VIP Club ("Sing Hou").
The casino acquisition will be for 164 million newly issued restricted shares valuing the 50.13% at $49 million ($0.30 per share) and is anticipated to close by mid January 2010. The operating results for the last 11 months had a rolling volume of HK$4,772 (US$615) million, a gross win of HK$220 (US$28) million, a net win of HK$99 (US$12.77) million and a net profit of HK$30 (US$3.87) million. Sing Hou which has over 3,000 VIP clients is located in Star World Hotel and operates baccarat gaming tables under a VIP Promoter sub-license from Galaxy Entertainment Group. (http://www.starworldmacau.com/en/entertainment/vip_club.htm) The owner of Sing Hou, Mr. Fong Sing Wa has over 20 years of management and operating experience in the VIP gaming business in Macau.
Bloomberg quoted Jonathon Galaviz about the recent Sands IPO in Hong Kong as saying "This IPO demonstrates that Asia has the liquidity available for U.S. firms looking to develop leisure assets. A bet on Macau is a bet on the greater Asian economic story, so if you believe in Asia you've got to believe in Macau."
API's CEO, Daniel McKinney, commented, "We expect further growth of around 10 percent in the Macau market for 2010 which bodes well for API's timely entry into the Macau gaming sector, especially for baccarat. Unlike Sands and Wynn, our strategy is to invest in expanding our number of baccarat tables for a higher return on investment rather than into lower yielding 'brick & mortar'."
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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