Asia Entertainment & Resources Ltd. Announces Closing of Rights Offering

  Asia Entertainment & Resources Ltd. Announces Closing of Rights Offering

              $63.5 Million Aggregate Gross Proceeds to Company

Business Wire

HONG KONG -- July 1, 2013

Asia Entertainment & Resources Ltd. (“AERL”) (NASDAQ: AERL), which operates
through its subsidiaries and related promoter companies as a VIP room gaming
promoter, today announced the conclusion of its rights offering (the “Rights
Offering”) and standby purchase of shares not sold in the Rights Offering.
AERL will issue a total of 19,510,550 ordinary shares and raised $63.5 million
in gross proceeds from the Rights Offering and the standby purchase. This
includes 9,767,550 shares issued to holders upon exercise of their
subscription rights and 9,743,000 shares issued to the standby purchasers
pursuant to the terms of a standby purchase agreement.

AERL anticipates using the net proceeds of the Rights Offering, which is
approximately $61.4 million following the deduction of offering expenses and
costs related to the transaction, to repay outstanding indebtedness owed to
certain of AERL’s shareholders. These shareholders are also standby
purchasers.

About Asia Entertainment & Resources Ltd.

Asia Entertainment & Resources Ltd. 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. 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.

Contact:

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