It will be interesting to see how the market views those results. Roll was obviously low by historical measures but earnings were not after two months with approx. zero EPS. Remember, back in Oct. they had outsized earnings ($0.29) due to the high hold. My rough calculations have them earning around $0.25 for Jan. based on 42M shares (since I assume the shares bought back will be added again when they list in HK).
As a reminder to the folks new to the stock high hold depresses roll because it means players are losing their money more quickly so they play fewer hands, meaning RCT is low. AERL, on the other hand, benefits from high hold because they now share the profits with the casions.
Take January as an example:
RCT was $1.26 bln win rate 4.27% =$53.8 mln
50% they have to give to the casino. So that would be $26.9 million for themselves.
Of course they have to pay also their agents. Suppose also 50%.
So their profit would be around $13 million.