AERL rolling chip turnover again down

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VIP room gaming promoter Asia Entertainment & Resources Ltd yesterday announced that its unaudited rolling chip turnover for last month dropped by 26 percent year-on-year, to US$1.26 billion (MOP10.1 billion). The Nasdaq-listed company said the decline was attributable to its self-directed tightening of credit to agents due to the slowing economy in the mainland. Asia Entertainment & Resources promotes four VIP gaming rooms in Macau, at StarWorld, Galaxy Macau, Venetian Macao and City of Dreams. U.S.-based brokerage firm Sterne Agee says that Asia Entertainment & Resources has been more conservative than most Macau promoters in extending credit. Sterne Agee analyst David Bain wrote in a client note issued yesterday that he expects Asia Entertainment & Resources to become “more aggressive with credit loosening to agents in stages, matching a Macau market rebound by the second quarter of 2013.”