CORRECTING and REPLACING Asia Entertainment & Resources Ltd. Announces First Quarter 2013 Financial Results

  CORRECTING and REPLACING Asia Entertainment & Resources Ltd. Announces First
  Quarter 2013 Financial Results

Correction...by Asia Entertainment & Resources Ltd.

Business Wire

HONG KONG -- May 23, 2013

The 2013 Non-GAAP EPS reported in the third bullet point should be $0.38 (sted
$0.36).

The corrected release reads:

  ASIA ENTERTAINMENT & RESOURCES LTD. ANNOUNCES FIRST QUARTER 2013 FINANCIAL
                                   RESULTS

Asia Entertainment & Resources Ltd. (“AERL” or the “Company”) (NASDAQ: AERL),
which operates through its subsidiaries and related promoter companies that
act as VIP room gaming promoters, today announced unaudited and unreviewed
financial results for the three months ended March 31, 2013. All currency
amounts are stated in United States dollars.

First Quarter 2013 Highlights and Subsequent Events

  *Rolling Chip Turnover (a metric used by casinos to measure the aggregate
    amount of players’ bets and overall volume of VIP gaming room business
    transacted, which is further defined below) for the three months ended
    March 31, 2013 was $4.1 billion, a decrease of 24% compared to $5.4
    billion for the three months ended March 31, 2012.
  *Net income, including the change in fair value of contingent consideration
    of $5.9 million related to the King’s Gaming and Bao Li Gaming
    acquisitions, decreased 55% to $7.0 million, or $0.17 per share (fully
    diluted), in the first quarter of 2013 from $15.3 million, or $0.36 per
    share (fully diluted), in the same period of 2012.
  *Non-GAAP income, which is operating income before amortization of
    intangible assets and the change in fair value of contingent consideration
    related to the acquisitions of King's Gaming and Bao Li Gaming declined
    17% to $15.3 million, or $0.38 per share (fully diluted), for the three
    months ended March 31, 2013 as compared to income of $18.4 million, or
    $0.43 per share (fully diluted), for the three months ended March 31,
    2012.
  *In the first quarter of 2013, the Company repurchased and retired 726,053
    shares at an average price of $3.76 per share. The Company also initiated
    a new purchase program on March 27, 2013 for the purchase of an additional
    four million of its ordinary shares. The new plan expires on December 31,
    2013.
  *On May 20, 2013, the Company entered into a non-binding memorandum of
    understanding, whereby it will acquire all of the outstanding interests
    and operations of the VIP gaming room at Level 1 of Le Royal Arc Casino
    located in NAPE, Downtown Macau, promoted and operated by Mr. Wong Wing
    Yim (the "Seller"). The Seller promotes and operates the VIP gaming room
    which has six tables and is served by at least 500 agents. The VIP gaming
    room is operated under the Sociedade de Jogos de Macau S.A.'s concession.
    Subject to due diligence and customary closing conditions, AERL expects to
    close the transaction by June 30, 2013.

The decrease in net income and Non-GAAP income for the three months ended
March 31, 2013 was due primarily to decreased Rolling Chip Turnover, higher
commissions as a result of greater non-marker commission paid, the upward
adjustment to commission rates as a result of the company compensating its
junket agents for no longer providing complimentary hotel and casino services,
and a smaller percentage of direct business, and higher selling, general and
administrative expenses to reflect the additional management fees paid after
the acquisition of an additional VIP gaming room and higher promotional
expenses The decrease in revenues was partially offset by a higher win rate,
an increase in services revenues related to hotel and casino services charged
to junket agents after the adjustment to commission rates.

“We continue to manage our business appropriately to reduce exposure to undue
risk that can impair longer-term growth,” said Mr. Man Pou Lam (Mr. Lam),
Chairman of AERL. “We have started to experience stabilization in the VIP
gaming market which should have a positive impact on our overall long-term
performance. Further, our shift to a revenue sharing model is allowing us to
improve our competitiveness in the market, with the ultimate goal of
increasing market share leading to growth in revenue and net income. We remain
committed to growing our business presence in the Macau VIP gaming market as
evidenced by our recent announcement regarding Le Royal Arc Casino and remain
committed to creating long-term shareholder value.”

Outlook for 2013

For the first three months of 2013, AERL’s Rolling Chip Turnover was $4.08
billion (an average of $1.36 billion per month), down 24% year-over-year,
compared to US$5.38 billion (an average of $1.79 billion per month) for the
first three months of 2012. Win rate for the first three months of 2013 was
3.29%.

In view of the tightening of credit to junket agents, the Company maintains
its Rolling Chip Turnover guidance for its four existing VIP rooms in Macau of
$1.5 billion per month in the aggregate (subject to monthly fluctuations),
which equates to a total of $18 billion in the aggregate for full year 2013,
which is comparable to 2012 results.

The Company believes that for the remainder of 2013, all of its business will
remain on a revenue sharing basis. The Company maintains its Non-GAAP income
guidance for the year ended December 31, 2013 of $60 million to $75 million
based on the current and expected performance of its existing four VIP gaming
rooms in Macau, and does not take into consideration any possible future
expansion or additional VIP gaming rooms.

Conference Call and Replay Information

AERL will conduct a conference call to discuss the financial results on that
day at 11:00AM EDT/11:00 PM Macau. To participate, please dial one of the
following numbers at least 10 minutes prior to the scheduled start of the
call:

   1-888-428-9480 (United States/Canada)
      10-800-714-0940 (North China)
      10 -800-140-0915 (South China)
      800-968-149 (Hong Kong)
      800-101-1739 (Singapore)
      0800-404-7655 (United Kingdom)
      1-719-325-2429 (Other International)
      

Interested parties may also access the live call on the Internet at
www.aerlf.com (select Events and Presentations). Following its completion, a
replay of the call can be accessed on the Internet at the above link or for
one week by calling either 1-877-870-5176 (U.S. callers) or 1-858-384-5517
(International callers) and providing conference ID 1729917.

Definition of Rolling Chip Turnover

Rolling Chip Turnover is used by casinos to measure the volume of VIP business
transacted and represents the aggregate amount of bets players make. Bets are
wagered with “non-negotiable chips” and winning bets are paid out by casinos
in so-called “cash” chips. “Non-negotiable chips” are specifically designed
for VIP players to allow casinos to calculate the commission payable to VIP
room gaming promoters. Commissions are paid based on the total amount of
“non-negotiable chips” purchased by each player. VIP room gaming promoters
therefore require the players to “roll,” from time to time, their “cash chips”
into “non-negotiable” chips for further betting so that they may receive their
commissions (hence the term “Rolling Chip Turnover”). Through the promoters,
“non-negotiable chips” can be converted back into cash at any time. Betting
using rolling chips, as opposed to using cash chips, is also used by the DICJ
(Macau Gaming Control Board) to distinguish between VIP table revenue and mass
market table revenue.

About Asia Entertainment & Resources Ltd.

AERL is a holding company which operates through its subsidiaries and related
promoter companies as a VIP room gaming promoter, and is entitled to receive
all of the profits of the VIP gaming promoters from VIP gaming rooms. AERL's
VIP room gaming promoters currently participate in the promotion of four major
luxury VIP gaming facilities in Macau, China, the largest gaming market in the
world. One VIP gaming room is located at the top-tier 5-star hotel, the Star
World Hotel & Casino in downtown Macau, and another is located in the luxury
5-star hotel, the Galaxy Macau™ Resort in Cotai, each of which is operated by
Galaxy Casino, S.A. Additional VIP gaming rooms are located at the Sands Cotai
Central and City of Dreams Macau, both in Cotai.

Forward-Looking Statements

This press release includes forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking statements,
based upon the current beliefs and expectations of AERL's management, are
subject to risks and uncertainties, which could cause actual results to differ
from the forward-looking statements. The gaming industry is characterized by
an element of chance. Theoretical win rates for AERL's VIP room gaming
promoters' VIP gaming room operations depend on a variety of factors,some
beyond their control. In addition to the element of chance, theoretical win
rates are also affected by other factors, including gaming patrons' skill and
experience, the mix of games played, the financial resources of gaming
patrons, the spread of table limits, the volume of bets placed by AERL's VIP
room gaming promoters' gaming patrons and the amount of time gaming patrons
spend on gambling — thus VIP gaming rooms' actual win rates may differ greatly
over short time periods, such as from quarter to quarter, and could cause
their quarterly results to be volatile. These factors, alone or in
combination, have the potential to negatively impact the VIP gaming rooms' win
rates. Investors and potential investors should consult all of the information
set forth herein and should also refer to the risk factors set forth in AERL's
Annual Report on Form 20-F filed on April 5, 2013, and other reports filed or
to be filed from time-to-time with the Securities and Exchange Commission.

                                                                             
                                                                             
ASIA ENTERTAINMENT & RESOURCES LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Unaudited and Unreviewed)
                                                  
                               For the Three Months     For the Three Months
                               Ended                    Ended
                               March 31, 2013           March 31, 2012
Revenue from VIP Gaming        $   61,864,403           $   67,318,111
Operations
Service Revenues                  2,487,494              -            
Total Revenues                    64,351,897             67,318,111   
                                                                             
Expenses
- Commission to Agents             42,740,852               43,528,142
- Selling, General and             5,889,267                4,843,815
Administrative Expenses
- Special Rolling Tax              409,595                  538,413
- Amortization of                 2,428,912              1,268,516    
Intangible Assets
Total Expenses                    51,468,626             50,178,886   
                                                                             
Operating income
attributable to ordinary
shareholders before                12,883,271               17,139,225
change in fair value of
contingent consideration
                                                                             
Change in Fair Value of
Contingent Consideration          (5,929,566   )          (1,810,921   )
for the Acquisitions of
King's Gaming and Bao Li
Net Income Attributable           6,953,705              15,328,304   
to Ordinary Shareholders
                                                                             
Other Comprehensive
Income
Foreign Currency
- Translation Adjustment          (372,139     )          324,841      
Total Comprehensive            $   6,581,566           $   15,653,145   
Income
                                                                             
Net Income Per Share
Basic                          $   0.17                $   0.36         
Diluted                        $   0.17                $   0.36         
Weighted Average Shares
Outstanding
Basic                             40,657,911             42,477,465   
Diluted                           40,657,911             42,649,079   

                                                                             
                                                                             
ASIA ENTERTAINMENT & RESOURCES LTD.
CONSOLIDATED BALANCE SHEETS
                                                       
                                         March 31,        December 31,
                                         2013             2012*
                                         (Unaudited and

                                         Unreviewed)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents                $  24,038,336       $  20,644,296
Accounts Receivable, Net                    15,086,560          2,480,961
Markers Receivable                          261,457,609         241,706,663
Prepaid Expenses and Other                 1,016,700          303,570
Assets
Total Current Assets                        301,599,205         265,135,490
                                                                             
Intangible Assets (net of
accumulated amortization of
$14,959,261 and $12,553,037 at              91,871,172          94,451,063
March 31, 2013 and December 31,
2012, respectively)
Goodwill                                    17,010,108          17,037,761
Property and Equipment (net of
accumulated depreciation of
$20,905 and $14,366 at March                72,150              13,698
2013 and December 31, 2012,
respectively)
Deferred Offering Costs                     822,191             807,401
Other Assets                               21,557             21,592
TOTAL ASSETS                             $  411,396,383      $  377,467,005
                                                                             
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Lines of Credit Payable                  $  66,594,533       $  34,799,982
Accrued Expenses                            16,758,209          14,091,723
Bao Li Gaming
Acquisition-Contingent Purchase             20,524,909          -
Price Obligation
Payable-King's Gaming
Acquisition-Contingent Purchase             9,000,000           9,000,000
Price Obligation
Loan Payable, Shareholders,                958,266            2,214,078
current
Total Current Liabilities                   113,835,917         60,105,783
                                                                             
Loan Payable, Shareholders                  60,000,000          60,000,000
Bao Li Gaming
Acquisition-Contingent Purchase             17,641,571          32,294,981
Price Obligation, net of current
portion
King's Gaming
Acquisition-Contingent Purchase            -                  9,000,000
Price Obligation, net of current
portion
Total Liabilities                          191,477,488        161,400,764
                                                                             
COMMITMENTS AND CONTINGENCIES
                                                                             
SHAREHOLDERS' EQUITY
Preferred Shares, $0.0001 par
value Authorized 1,150,000                                      -
shares; none issued
Ordinary Shares, $0.0001 par
value Authorized 200,000,000
shares; issued 40,451,164 and               4,045               4,118
41,177,217 at March 31, 2013 and
December 31, 2012.
Additional Paid-in Capital                  66,942,083          69,670,922
Retained Earnings                           152,781,965         145,828,260
Accumulated Comprehensive Income           190,802            562,941
(Loss)
Total Shareholders' Equity                 219,918,895        216,066,241
TOTAL LIABILITIES AND                    $  411,396,383      $  377,467,005
SHAREHOLDERS' EQUITY
                                                                             
*Derived from the audited financial statements for the year ended December
31, 2012.

                             
                                                                             
                                   Cash Flow Information For the Three

                                   Months Ended March 31,

                                   (Unaudited and Unreviewed)
                                   2013                    2012
                                                                             
Net cash provided by               $  16,393,680              $ 4,707,617
operating activities
Net cash (used in)                 $  (65,098      )          $ -
investing activities
Net cash (used in)                 $  (12,900,969  )          $ (6,837,629 )
financing activities
Net increase (decrease)
in cash and cash                   $  3,427,613              $ (2,130,012 )
equivalents
                                                                             

Non-GAAP Financial Measures

The Company’s calculation of Non-GAAP income (operating income before
amortization of intangible assets and change in fair value of contingent
consideration) and Non-GAAP EPS for the three months ended March 31, 2013 and
2012 differs from net income and EPS based on net income because it does not
include amortization of intangible assets and change in fair value of
contingent consideration. The Company uses this information internally in
evaluating its operations and believes this information is important to
investors because it provides a complete picture of its operations for the
entire period and is more accurately comparable to the prior-year period.
Notwithstanding the foregoing, Non-GAAP income and EPS should not be
considered an alternative to, or more meaningful than, net income and EPS as
determined in accordance with GAAP. The following is a reconciliation of the
Company’s unaudited and unreviewed net income to Non-GAAP income and GAAP EPS
to the Company’s Non-GAAP EPS:

                                                   
                                 For the Three       For the
                                                           Three
                                 Months Ended
                                                           Months Ended
                                 March 31,
                                 2013                   March 31,
                                                           2012
Net Income attributable          $     6,953,705           $    15,328,304
to ordinary shareholders
Amortization of                        2,248,912                1,268,516
intangible assets
Change in fair value of               5,929,566               1,810,921
contingent consideration
Non-GAAP income (before
amortization of
intangible assets and            $     15,312,183          $    18,407,741
change in fair value of
contingent
consideration)

                                                   
                                                                             
                                 For the Three           For the Three

                                 Months Ended March      Months Ended March

                                 31, 2013                31, 2012
                                                               
                                 Basic      Fully        Basic      Fully
                                            Diluted                 Diluted
Earnings per share
attributable to ordinary         $ 0.17     $  0.17      $ 0.36     $  0.36
shareholders
Amortization of intangible         0.06        0.06        0.03        0.03
assets
Change in fair value of           0.15       0.15       0.04       0.04
contingent consideration
Non-GAAP Earnings per
share (before amortization
of intangible assets and         $ 0.38     $  0.38      $ 0.43     $  0.43
change in fair value of
contingent consideration)
                                                                             

Contact:

Asia Entertainment & Resources Ltd.
James Preissler, +1 646-450-8808
preissj@aerlf.com
or
ICR
William Schmitt, 203-682-8294
william.schmitt@icrinc.com