Asia Entertainment & Resources approves buyback

Asia Entertainment & Resources approves repurchase of up to 4 million shares

Associated Press

NEW YORK (AP) -- Asia Entertainment & Resources Ltd. said Monday that its board has approved the repurchase of up to 4 million shares of its common stock.

The buyback program is expected to start after the company reports its full-year financial results on April 5 and will end on Dec. 31.

The company bought back 2 million shares under a previous repurchase program.

Asia Entertainment & Resources is a holding company that runs through its subsidiaries and related companies as a promoter for casinos' VIP rooms. The company's VIP room gambling promoters currently participate in four luxury VIP gambling properties in Macau, the only place in China where gambling is legal.

Shares of Asia Entertainment & Resources fell 2 cents to $4.01 in midday trading. The stock has traded between $2.40 and $6.95 over the last 52 weeks.

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